Artificial Intelligence will help companies in the future to prevent fraud
Fintech company Inyett is using Artificial Intelligence (AI) from AI company Oxide to identify the fraudulent companies of the future. Five per cent of a company’s annual profit is estimated to be lost to economic crime and fraud. Now AI will be used to identify patterns that humans themselves are not able to see.
During 2019 Inyett has analysed over 50 million transactions performed by Swedish companies for suppliers in their P2P process. Together with Oxide’s AI engine Polychaos, the ambition is, for the first time ever, to create predictive patterns that could, among other things, reveal fraudulent behaviour before it has even been committed, and thus help companies take the right critical and ethical business decisions.
The project is led by Inyett’s tech-squad with its experience in development, and AI experts from Oxide, who have extensive experience in applied AI from global companies such as eBay, Vodafone, Starbucks and Panasonic. The project was launched in late summer and will continue into 2020.
– “AI can see connections that a person cannot see, because there are no human predetermined algorithms, models and insights,” says Johan Henckel, CTO at Inyett. “Using the Polychaos AI engine we will discover links and connections between companies and transactions that will predict how companies will develop in relation to their market.”
– “Inyett is an exciting disruptive company in an industry that is undergoing great change. We follow the directives implemented in Europe in terms of Open Banking and PSD2, and so we can see that our expertise in AI combined with Inyett’s unique service creates an opportunity to develop future solutions to identify fraud patterns,” concludes Axel Stålhand at Oxide.
The project will continue throughout the autumn and is expected to yield results in 2020.
Inyett is changing the way companies operate when it comes to financial security and internal control. Through a smart service Inyett automates control of payments and suppliers, and warns of errors, risks, mistakes and fraud in organisations’ payments.
Inyett enables secure business and contributes to a safer business sector and society, in part by alerting you to irregular payments, double payments, fake invoices, different payment patterns, internal and external fraud, and suppliers who do not meet your unique requirements.
Oxide’s innovative AI engine, Polychaos, utilizes the power of computational evolution to solve the most complex optimization and data exploration problems in multiple domains, including finance, law, health and aerospace engineering.