Eliminating Fraud and False Positives with FraudNet
How a Leading UK Fintech Achieved 82% Reduction in Fraud Alerts with FraudNet's AI-Powered Solution
Countingup
Founded in 2017, Countingup is an innovative fintech platform that provides mobile finance and accounting services for small business clients across the United Kingdom.
- Leading platform has served ~100,000 customers.
- Processes over £10 billion in transactions.
- Specializes in simplifying bookkeeping and taxes for small businesses.
Navigating a Complex Fraud Landscape
Countingup faced a critical challenge in their fraud prevention infrastructure. Their existing system was generating thousands of monthly alerts, overwhelming their compliance team with a high rate of false positives.
With a significant fraud rate and regulatory requirements tightening, the company needed a solution that could accurately identify genuine threats while reducing the operational burden of manual review. Without an advanced fraud detection system, they risked both financial losses and regulatory scrutiny.
Machine Learning and Targeted Models
With FraudNet’s real-time fraud prevention platform in place, the fintech transformed their approach to financial security. Here’s how the system revolutionized their fraud detection:
Real-Time Transaction Monitoring
The platform enabled continuous monitoring of all transactions, analyzing patterns across millions of data points simultaneously. This comprehensive surveillance ensured no suspicious activity went undetected while maintaining seamless processing of legitimate transactions.
Automated Alert Management
The system significantly reduced manual intervention requirements while improving detection precision. This automation allowed the compliance team to shift from reactive alert processing to strategic investigation of high-risk transactions.
Intelligent Risk Scoring
The platform implemented real-time risk scoring with tailored rules designed to dynamically adapt to evolving fraud techniques. This intelligent alert triage method prioritized potential threats based on risk level, enabling efficient resource allocation.
Advanced Machine Learning Models
FraudNet developed sophisticated, custom machine-learning models that went beyond traditional rule-based systems. These models analyzed transaction patterns and user behavior to identify genuine fraud risks with unprecedented accuracy.
90-Day Performance
By leveraging Fraud.net’s advanced fraud prevention solutions, the client dramatically reduced alert volume and fraud incidence while automating processes that allowed their team to focus on strategic initiatives.
FraudNet's combination of customized machine learning and flexible rules management has been transformative. We've achieved dramatic efficiency gains while maintaining robust fraud protection - a game-changer as we navigate evolving regulatory requirements.
Head of Financial Crime, Countingup
Looking Forward: Continuous Innovation
FraudNet’s comprehensive platform transforms fraud detection and compliance operations by delivering:
90-Day Performance
By leveraging Fraud.net’s advanced fraud prevention solutions, the client dramatically reduced alert volume and fraud incidence while automating processes that allowed their team to focus on strategic initiatives.
88%
Reduction in Fraud Rate
82%
Reduction in Monthly Alerts
100%
Regulatory compliance since implementation
Looking Forward: Continuous Innovation
FraudNet’s comprehensive platform transforms fraud detection and compliance operations by delivering: