Universal Identity and Fraud Insurance Strategies Join Forces Against First-Party Fraud through Instnt, as Discussed in FF Virtual Arena #322
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In the FF News Virtual Arena, Sunil Madhu, the co-founder and CEO of Instnt, discussed the growing prevalence of First Party Fraud and how the company's innovative solution could address this issue. Madhu, a participant in the conversation, emphasised that Instnt's solution is aimed at banks in the US and is being used to gain a special insight into the current fraud landscape in financial services.
The solution provided by Instnt is intended to address the current fraud landscape in financial services. By leveraging AI-native infrastructure, Instnt automates dispute management, creating a seamless balance between fraud prevention and efficient Know Your Customer (KYC) processes. This approach speeds up fraud resolution while cutting losses by up to 51% and reducing processing times by more than half, all without adding operational headcount.
The key to balancing fraud prevention with efficient KYC lies in Instnt’s platform, which offers real-time intelligent risk management while providing consumers with transparency akin to service models like DoorDash. This dual approach improves member satisfaction and operational efficiency simultaneously. By focusing on post-transaction intelligence and streamlining dispute operations, Instnt reduces both friction and false positives typically found in fraud systems, enabling faster and more accurate customer onboarding and verification processes. This also alleviates pressure from compliance deadlines such as Reg E by automating dispute management with precision and scale.
Instnt’s pioneering solution achieves this by:
- Automating and accelerating dispute management, reducing manual back-office burden.
- Building proprietary fraud pattern datasets for enhanced predictive capability.
- Integrating fraud detection tightly within customer lifecycle processes (including KYC), maintaining compliance and user experience.
- Ensuring transparency and faster resolutions for consumers, improving trust.
This creates a frictionless environment where financial institutions can handle increased fraud volumes efficiently without compromising customer experience or regulatory requirements. The interview provided more information about this ground-breaking solution, discussing its potential benefits and implications.
[1] Source: Instnt's official website and press releases.
- The solution by Instnt, as discussed on ffnews.com, is primarily targeted towards the finance and business sector, specifically banks in the US, aiming to provide a technology-driven solution to address the current fraud landscape within the financial services industry.
- By combining AI-native infrastructure with a focus on real-time intelligent risk management, Instnt's platform not only streamlines dispute operations but also ensures transparency, improved member satisfaction, and operational efficiency, all while reducing fraud and meeting regulatory requirements in the technology-driven financial world.
