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Win for Vocalink Analytics at The National Technology Awards

21 May 2018

Win for Vocalink Analytics at The National Technology Awards

 
Ellie Fixter,
Senior PR & Content Manager,
Vocalink

Vocalink Analytics was last night awarded with a prestigious accolade at The National Technology Awards for the ‘Analytics Project of the Year 2018’.  This has been a milestone year for our Analytics business as it continues to develop state-of-the-art financial crime and security solutions to tackle payment-related fraud - including Invoice Redirection, New Relationship, CEO (also known as BEC) fraud and money laundering.

The ‘Analytics Project of the Year 2018’ award recognised Vocalink Analytics’ most recent success in fighting invoice redirection fraud through its Corporate Fraud Insights (CFI) product, which was developed in partnership with NatWest.  The product is designed to detect invoice redirection fraud, where businesses are duped into payment money into a fraudster’s account rather than to their intended supplier.

Traditional rule-based and neural network systems have struggled to identify instances of invoice redirection fraud because of the ‘needle in a haystack’ nature of this type of fraud.  However, working with NatWest, Vocalink Analytics overlaid vast amounts of payments data with cutting-edge data analytics and AI to successfully develop a ground-breaking solution.

CFI is able to detect and alert on corporate payments because, every time a business pays an invoice, a behavioural signature is left behind.  By analysing these signatures, and the signatures of historical frauds, the solution can identify and flag suspected incidents of fraud to NatWest, which in turn can then use this information to alert their customers and stop confirmed frauds before the money is lost to victims forever.

This combination of expert human analysis with advanced machine learning has already prevented up to £7 million of losses for NatWest corporate customers.

Gary Kearns, Executive Vice President for Vocalink Analytics, commented:

“Payment-related fraud is estimated to have cost UK small and medium-sized businesses £18.9 billion last year, according to Action Fraud. The impact of losing huge sums of money can be devastating: businesses can be forced to close down, and people lose their jobs.  We are delighted, therefore, to have been recognised by the industry for the success of our Corporate Fraud Insights solution, and specifically for supporting NatWest in its on-going commitment to protecting its business customers from the threat of invoice redirection fraud. We are extremely proud to have developed a trusted, reliable solution which is fighting fraud day-in, day-out.”

The industry recognition comes hot on the heels of another win in the previous week at the Retail Banking Awards, where NatWest and Vocalink Analytics were awarded for ‘Retail Banking Security Innovation of the Year’, for the significant impact our Corporate Frauds Insights solution has had on the banks’ customers.  Vocalink Analytics continues to lead the way in developing solutions to fighting fraud through its suite of trailblazing Financial Crime solutions including:

  • AML Insights - traces illicit funds across payment networks to disrupt and suffocate organised criminal activity;
  • Account Verification Solution - validates if the account name entered when making a payment matches that of the recipient account, preventing money being sent as a result of fraud or error;
  • Corporate Fraud Insights - identifies and flags incidences of payments-related fraud against businesses and corporates, including invoice redirection, business email compromise, and CEO fraud.
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