We are pleased to announce Dan Dica has been appointed the new CEO of Lynx. Lynx is a software company that specializes in AI-based fraud and financial crime prevention solutions.Dan will oversee Lynx’s businesses to take them to new heights growth and global success, turning Lynx into a global leader in AI for fraud and financial crime prevention. […]
MADRID, SPAIN – December 12, 2024 – Lynx, a pioneer in AI-powered fraud prevention and detection, today announced being recognized as a Representative Vendor in the Gartner Market Guide for Fraud Detection in Banking Payments. We believe, this recognition underscores Lynx’s commitment to delivering cutting-edge, adaptive AI solutions that help financial institutions (FIs) combat the rising tide of sophisticated financial crime.
According to Gartner, “CIOs should use this Market Guide to understand the trends, challenges and technological developments in the continuing fight against fraudulent payments and money movements.” In our opinion, Lynx’s recognition reflects their ability to provide advanced AI Fraud Prevention solutions that accurately detect and prevent fraudulent transactions in real time across all payment channels, positioning the company at the cutting edge of payments fraud detection and prevention.
As an emerging space, Payments Fraud introduces potential investment risks for buyers uncertain of the market’s direction.
Financial crime is soaring. The 2024 Nasdaq Global Financial Crime Report reveals a staggering $3.1 trillion in illicit funds flowing through the global financial system in 2023, resulting in $485.6 billion in victim losses. Authorized push payment fraud (APPF) is a particularly significant threat, accounting for 75% of all digital banking fraud globally. Traditional rules-based systems and unsupervised machine learning struggle to keep pace with rapidly evolving fraud tactics. Lynx’s Fraud Prevention and Money Mule Detection solutions leverage their proprietary Daily Adaptive Models (DAMs) to offer a superior solution. These supervised machine learning models retrain daily, maintaining high accuracy and low false positives even as fraudsters adapt their tactics, payment technologies evolve, and users change their behaviors.
Lynx’s technology differentiates itself through several key features:
“We believe, recognition in the Gartner report validates Lynx’s leadership in AI-powered fraud prevention,” said Dan Dica, CEO of Lynx. “Our Daily Adaptive Models are setting a new standard for real-time protection.”
“In my opinion, the recognition in Gartner report validates the impact of our commitment to AI innovation and customer collaboration,” said Greg Hancell, Head of Product for Fraud at Lynx. “We’re building more effective fraud prevention solutions every day.”
Lynx’s recent industry accolades, includes:
Gartner, Market Guide for Fraud Detection in Banking Payments, 11 December 2024.
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Lynx provides cutting-edge AI-driven solutions for fraud prevention and financial crime combat, protecting more than 300 million consumers and saving clients up to $1.6 billion annually by safeguarding over 69 billion transactions. Our proprietary Daily Adaptive Model ensures unmatched accuracy and industry-leading low false positive rates. Learn more at https://lynxtech.com.
Let us assist you in the fight against fraud and financial crime.
