As part of the agreement, the aim is to bring a more effective defense against application fraud to lenders in the market. The ARIC platform combines adaptive behavioural analytics and anomaly detection to automatically identify risk and catch new attacks as they happen. This is possible by learning the unique behaviours of applicants across all channels and by building individual profiles, against which it identifies anomalies.
Moreover, application fraud is applicable to fintech lenders, credit cards, bank accounts or loans, and it has become a rampant problem in Mexico. It occurs when a person intentionally modifies information in an attempt to illegally receive benefits or when a criminal steals personal identifiable information from someone and opens an account.
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