Bleckwen: Capturing the Residual Fraud
Fraudsters are smart and adaptive. When a traditional fraud detection solution is put in place, usually it works in the beginning, then the fraud detection performance slowly goes down over time. Moreover, for companies that have an in-house fraud management tool, 88% of AI projects don’t land in production. It can take months or even years for a company to build an in-house detection tool, depending on how it allocates its data science team’s time and resources to this very expensive project.
This is where Bleckwen makes a difference. Bleckwen’s powerful fraud detection and prevention service is tailor-made to leverage business data and to conform to unique business requirements. Bleckwen delivers accurate predictive analytics, processing hundreds of variables in real-time, to solve first line fraud or detect fraud missed by most of the current solutions. Its adaptive solution, managed by fraud and data science experts, ensures businesses are protected from constantly evolving fraudsters.
Bleckwen has been committed to helping financial institutions protect themselves against fraudulent credit fraud and is working with A-level credit institutions, which proves the efficiency and effectiveness of the solution. The Bleckwen model captures the residual fraud and helps companies handle credit demands effectively, reducing costs and expenses. “Our solution, which is an integrated SaaS API, complements existing internal solutions adding an extra layer that captures what the other layers can’t do,” begins François Saulnier, CEO, Bleckwen.
Bleckwen’s innovative fraud management solution is easy to integrate and fast to use. It also offers a free trial period where it enables users to see how much can be saved in time and money regarding a company’s residual fraud. What makes it unique is that the current customers have attested to having an ROI within three months of use. “We are a team of data scientists and fraud experts, and our unique solution model is tailored specifically for each client while they benefit from the shared knowledge, trends and indicators of fraud we observe across our client base,” extols Saulnier.
Bleckwen’s advanced tool measures detectability, that is, the fraud detected compared to all existing copies with the highest level of accuracy when compared to all alerts. The accuracy depends on the restrictions and limits set by the client. In any case, Bleckwen’s ultimate goal is to detect at least 50% of the remaining frauds. The highly skilled data scientists team create machine learning models that detect historically known fraud patterns, and when a new fraud pattern emerges, the model is updated to take it into account “Our data scientists and fraud experts excel at building features and AI models to detect the inherent weak signals of fraud” says Saulnier.
Moreover, the team monitors the models for performance degradation, depending on the use case, usually every couple of months. Drift problems arise when the model can no longer find new fraud patterns because it is not incorporating these new fraud patterns into its system. When drift becomes apparent, the team retrains the model.
Bleckwen operates in a large and growing market without many agile competitors who are not specialized enough to defend and maintain a position in the market. Moreover, Bleckwen has a unique history, having been part of a large company before setting up on its own, which gives the team a broad range of experience.
This way, the team could complement existing processes to uncover this residual fraud that they cannot discover. Moreover, Bleckwen’s team is equipped to succeed as they have a diverse international group of data scientists and fraud experts with experience in artificial intelligence and machine learning.
Bleckwen’s customers and partners have occupied a vital role in its product development. Its technology stack was built together with two major financial enterprises: BNP Paribas and Carrefour Banque.
Since its inception in 2019, Bleckwen has been a pioneer in delivering cutting-edge fraud management solutions. In fact, Bleckwen is the only lending fraud specialist in Europe. The solution’s flexibility, adaptability and easiness to integrate with a high level of performance by leveraging the shared knowledge of fraud across is what is making Bleckwen a unique player in the industry.
The team has also developed a unique pricing model that guarantees the fastest return on investment. Bleckwen is also offering an innovation data consortium where it can leverage a partners’ data to create a shared risk ecosystem. This will help strengthen Bleckwen’s expertise and differentiation.