Dan Dica, CEO, Lynx
Efficiency is critical in the fight against financial crime. Adapting to new threats in the shortest amount of time possible has never been more important.The latest Chartis Market Update and Vendor Landscape emphasizes the growing importance of low-code/no-code configuration options in enterprise and payment fraud solutions. This shift is democratizing fraud detection and prevention, making sophisticated, market-leading tools accessible to a broader audience. Our recent recognition as a category leader in Chartis’ RiskTech Quadrant® for both Enterprise and Payment Fraud solidifies what we’ve long known: no-code is not just a trend; it’s the future of fraud prevention.
The Importance of No-Code Solutions
No-code platforms are breaking down the traditional barriers that once limited advanced fraud detection capabilities to only the largest institutions with extensive IT resources. Now, companies across the financial spectrum can implement and adapt complex fraud prevention strategies quickly and efficiently, leveling the playing field and enhancing the industry’s overall resilience to financial crime.The agility offered by no-code solutions is particularly crucial in today’s rapidly evolving fraud landscape. As criminals continually devise new schemes and tactics, financial institutions need the ability to respond swiftly. Reported cases of fraud are rising, and the amounts involved are getting larger. Last year, fraud losses in the UK rose to £2.3 billion, the second-largest annual fraud total in the past decade, representing a 104% increase compared to 2022 figures. Around the world, total losses were estimated at $485.6 billion, with payment fraud accounting for 80% of the total.No-code platforms enable organizations to modify their fraud detection rules and models in real-time, without the need for extensive coding or IT intervention. Their ease of setup offers organizations unprecedented agility, improving the effectiveness of fraud prevention efforts while significantly reducing the window of vulnerability when new threats emerge. With the UK’s APPF regulation deadline approaching in October, no-code solutions offer banks the ability to seamlessly integrate AI-powered and machine-learning solutions to detect fraudulent transactions, potentially saving them hundreds of thousands of pounds in reimbursement costs.The launch of Lynx’s Mule Account Detection solution earlier this year exemplifies this agility, offering real-time mule detection to combat the flow of illicit funds through the global financial system.
Industry Recognition for Lynx
Our commitment to no-code innovation in fraud prevention has been recognized by Chartis, a leading provider of research and analysis on the global market for risk technology. This is a true testament to the effectiveness of our approach and the strength of our solutions. Lynx’s positioning as a category leader in both the Enterprise and Payment Fraud quadrants reflects our ability to deliver critical fraud management capabilities, backed by strong core technology and advanced modeling capabilities. Our AI-driven approach, coupled with no-code flexibility, enables us to handle complex fraud scenarios and high transaction volumes accurately and quickly across multiple channels.Nick Vitchev, Research Director at Chartis, highlighted our capabilities, stating:
“Lynx’s category leader position in both quadrants reflects its ability to deliver in several areas that are critical to enterprise fraud management, backed by strong core technology and advanced modeling capabilities. Alongside strong behavioral modeling and the ability to customize for complex fraud scenarios and typologies, Lynx’s modeling strength in payment fraud enables it to handle high transaction volumes accurately and quickly across a number of payment rails.”
This recognition validates our strategy of empowering financial institutions with flexible, powerful tools to combat financial crime. It follows our recognition in May 2024 as a Best of Breed Name and Transaction Screening Solution in the 2024 Chartis RiskTech Quadrant for Name and Screening solutions, solidifying our position as a frontrunner in financial crime prevention.By making sophisticated tools accessible through no-code platforms, we’re enabling institutions of all sizes to enhance their defenses and contribute to a more resilient global financial ecosystem.
19, September 2024, London, UK:Lynx, a leading provider of AI software for detecting and preventing fraud and financial crimes, has been recognised by Chartis as a category leader in the RiskTech Quadrant® for Enterprise and Payment Fraud. Chartis’ latest report emphasises the transformative influence of low-code/no-code configuration options in enterprise and payment fraud solutions. This trend is democratising fraud detection and prevention, making sophisticated tools accessible to a broader market. Lynx’s focus on no-code solutions positions it well in this evolving landscape, enabling rapid adaptation to changing fraud prevention requirements.
Nick Vitchev, Research Director at Chartis, says: ‘Lynx’s category leader placement in both quadrants reflects its ability to deliver in several areas that are critical to enterprise fraud management, backed by strong core technology and advanced modelling capabilities. Alongside strong behavioural modelling and the ability to customise to complex fraud scenarios and typologies, Lynx’s modelling strength in payment fraud enables it to handle high transaction volumes accurately at speed, across a number of payment rails.’
By leveraging cutting-edge AI and machine learning technologies, Lynx empowers financial institutions to rapidly adapt to evolving fraud threats. The company continues to launch new agile solutions, with its recent Mule Account Detection solution offering real-time mule detection for banks and financial institutions to stop trillions of illicit dollars flowing through the global financial system each year.
Dan Dica, CEO of Lynx, comments: “Lynx’s category leader placing in both quadrants underscores our leadership in platformisation and no-code configuration for fraud prevention. Alongside strong behavioural modelling, and the ability to customise to complex fraud scenarios and typologies, Lynx’s modelling strength in payment fraud enables it to handle high transaction volumes accurately at speed, across a number of payment rails.”
The latest accolade follows Lynx’s recognition in May as a Best of Breed Solution in the 2024 Chartis RiskTech Quadrant for Name and Screening solutions, further solidifying the company’s position as a frontrunner in the financial crime prevention sector.
About Lynx
Lynx is an AI-driven software company designed to solve clients’ most significant fraud and financial crime challenges. Our solutions utilize advanced AI technology to proactively identify and prevent fraud and financial crimes in real time, setting new standards for accuracy, speed, and scalability across multinational organizations. Lynx is dedicated to helping its clients move from a reactive to a proactive response by harnessing the power of AI to illuminate risk and deliver actionable insights. Lynx continues to set the standard for accuracy, speed, and scalability for multinational financial institutions (FI) and payment providers around the globe.
NTT DATA Partners with Lynx to Revolutionise Fraud Detection in the Financial Services Industry.
29, July 2024, London UK –NTT DATA, a global leader in business and technology services, today announced its strategic partnership with Lynx Tech, a revolutionary fintech company specialising in AI-driven fraud detection. This collaboration will leverage NTT DATA’s network and extensive experience in the banking and finance industry to scale Lynx’s innovative solutions across the UK and European markets. Lynx identified NTT DATA as a crucial partner for scaling its operations due to NTT DATA’s profound expertise and past successes in the banking and financial services sector. Lynx has developed an innovative product built by a dedicated team of engineers and data scientists committed to advancing fraud prevention technologies. Lynx recognised the need for a partner like NTT DATA to successfully achieve its ambitious growth goals at pace. This partnership will initially focus on the UK, Irish, Spanish, LATAM, and DACH markets, with particular emphasis on the UK and Ireland due to the upcoming Payment Systems Regulation (PSR) changes in October, which will mandate banks and payment service providers to reimburse scam victims.
Lynx’s Advanced Fraud Detection Solutions
Lynx originated from the University of Madrid twenty-five years ago, and enables leading financial institutions, including Santander, PagoNxt, BCP, and Cielo, to evolve from reactive to proactive fraud prevention.
Lynx’s value proposition is AI-driven software which specialises in fraud detection and Anti-Money Laundering (AML). With its global presence, Lynx’s cutting-edge technology currently monitors 99.5% of all card transactions in Spain, 65% in Mexico, and 35% in Brazil.
Key features and benefits of Lynx’s solutions include:
Daily adaptive models: These models reduce fraud and minimise disruption for genuine users by constantly evolving to detect new and sophisticated fraud attempts.
Money Mule detection: A real-time risk model to detect inbound, fraudulent transactions, which is crucial for minimising losses once the new PSR regulations become effective.
Lynx Flex: Being extensible allows financial institutions to submit data in their own format. This significantly reduces data mapping and professional services resources whilst enabling Lynx to evolve as new products and fraud typologies arise.
360-Degree Analysis: Provides a comprehensive view of customer behaviour across all channels, enhancing fraud detection accuracy.
Multi-functional platform: A one-stop solution that allows customisation of risk thresholds, case management and real-time dashboard visualisation.
An Innovative Approach to Fraud Detection Lynx’s solution stands out in the market due to its advanced AI and machine learning (ML), fraud and AML detection which achieve high detection rates with very few false positives. Lynx’s ability to update daily ensures it remains responsive to changing behaviours and emerging fraud tactics.
“We are thrilled to partner with Lynx, a company that shares our commitment to innovation and excellence in the financial services industry,” said Sumant Kumar, CTO, Banking and Financial Markets | Head of Innovation, at NTT DATA UK&I. “With this new partnership, we will enhance fraud detection capabilities for banks worldwide, expanding our combined reach and ensuring safer transactions for all.”
“Our collaboration with NTT DATA marks a significant milestone for Lynx,” said Lucy King, Director of Global Alliances, at Lynx. “By coupling NTT DATA’s extensive industry experience with our cutting-edge solutions, we are poised to transform the landscape of fraud prevention across the financial services industry.”
About NTT DATA:
NTT DATA is a $30+ billion trusted global innovator of business and technology services. We serve 75% of the Fortune Global 100 and are committed to helping clients innovate, optimise, and transform for long-term success. We invest over $3.6 billion each year in R&D to help organisations and society move confidently and sustainably into the digital future. As a Global Top Employer, we have diverse experts in more than 50 countries and a robust partner ecosystem of established and start-up companies. Our services include business and technology consulting, data and artificial intelligence, industry solutions, as well as the development, implementation and management of applications, infrastructure, and connectivity. We are also one of the leading providers of digital and AI infrastructure in the world. NTT DATA is part of NTT Group and headquartered in Tokyo. Visit us at nttdata.com.
About Lynx
Lynx is an AI-driven software company designed to solve clients’ most significant fraud and financial crime challenges. Our solutions utilise advanced AI technology to proactively identify and prevent fraud and financial crimes in real time, setting new standards for accuracy, speed, and scalability across multinational organisations. Learn more at https://lynxtech.com
