DataVisor, an artificial intelligence (AI)-powered fraud and risk platform, has unveiled AI Co-Pilot, a generative AI-driven solution.

This cutting-edge technology promises to be a game-changer, boasting a 20-fold increase in speed and accuracy compared to traditional fraud detection systems.

DataVisor’s AI Co-Pilot is set to significantly elevate the capabilities of financial institutions (FIs) in detecting fraud while simultaneously reducing false positives and minimising user friction, all in real-time.

With the recent launch of FedNow and the expanding landscape of instant payment methods, this innovation takes on particular significance. It equips FIs to harness real-time payment opportunities while effectively managing the unique challenges posed by instantaneous and irreversible transactions.

Bank transfer and payment fraud losses in the US soared to a staggering $1.58 billion in 2022. Smaller FIs and credit unions, in particular, bore the brunt of this financial burden, discouraging them from adopting instant payments and other growth-oriented innovations.

DataVisor’s AI Co-Pilot leverages advanced AI to automate rule creation and tuning, yielding more precise fraud detection and saving fraud teams up to 50% of their time by eliminating time-consuming and costly trial-and-error approaches.

This approach also keeps FIs in complete control of their fraud strategy by maintaining the use of traditional rules. The dual focus on reducing fraud and streamlining processes can potentially translate to substantial cost savings for financial institutions.

AI Co-Pilot offers automated feature-script generation from natural language input, allowing fraud strategists to effortlessly convert their insights into actions. It also provides coding and debugging recommendations to simplify the feature engineering process, expediting the development of both rules and models.

This empowers business teams to craft and implement comprehensive fraud strategies without the need for additional programming support, giving FIs the agility to rapidly respond to emerging fraud trends.

Explaining fraud detection in an understandable manner to customers has always been a challenge. DataVisor’s AI Co-Pilot addresses this by automating the generation of natural language-based rule descriptions. This enables customer support to easily explain the rationale behind alerts.

Moreover, the solution streamlines the process of monitoring and documenting fraud strategies for financial organisations to bring down maintenance and fraud management overhead.

DataVisor co-founder and CEO Yinglian Xie said: “Innovation in payments and banking demands continued innovation in fraud prevention.

“Built on groundbreaking Generative AI technology, DataVisor’s AI Co-Pilot gives financial institutions better intelligence and automation for more effective fraud detection and prevention. This innovative solution is more accurate, reacts to fraud trends much faster, and improves user experiences and customer support.

“At the same time, it considerably reduces the need for analyst resources. This advancement signifies a pivotal step towards enhanced security and efficiency across the industry.”