Fintech
NTT Data Partners with Lynx to Revolutionize Fraud Detection in Financial Services
NTT DATAa global leader in business and technology services, today announced its strategic partnership with Lynx Technologya disruptive fintech company specializing in AI-based fraud detection. This collaboration will leverage NTT DATA’s network and extensive banking and finance expertise to scale Lynx’s innovative solutions across the UK and European markets.
Lynx identified NTT DATA as a critical partner to scale its operations based on NTT DATA’s deep expertise and past success in the banking and financial services industry. Lynx has developed an innovative product built by a dedicated team of engineers and data scientists committed to advancing fraud prevention technologies. Lynx recognized the need for a partner like NTT DATA to successfully achieve its ambitious goals of rapid growth. This partnership will initially focus on the UK, Ireland, Spain, Latin America and DACH markets, with a particular focus on the UK and Ireland due to the upcoming changes to the Payment Systems Regulation (PSR) in October, which will require banks and payment service providers to reimburse victims of fraud.
Lynx Advanced Fraud Detection Solutions
Lynx was conceived by the University of Madrid twenty-five years ago and enables leading financial institutions, including Santander, PagoNxt, BCP and Cielo, to evolve from reactive to proactive fraud prevention.
Lynx’s value proposition is an AI-based software specialized in fraud detection and anti-money laundering (AML). With a global presence, Lynx’s cutting-edge technology currently monitors 99.5% of all card transactions in Spain, 65% in Mexico and 35% in Brazil.
Key features and benefits of Lynx solutions include:
- Daily adaptive models: These models reduce fraud and minimize disruption to genuine users by constantly evolving to detect new and sophisticated fraud attempts.
- Money Mule Detection: A real-time risk model to detect incoming fraudulent transactions, essential to minimizing losses once the new PSR regulations come into force.
- Lynx Flex: Being extensible, it allows financial institutions to send data in their own format. This significantly reduces data mapping and professional services resources, while allowing Lynx to evolve as new products and fraud types emerge.
- 360-degree analytics: Provides a comprehensive view of customer behavior across all channels, improving the accuracy of fraud detection.
- Multi-functional platform: A unique solution that allows for customization of risk thresholds, case management and real-time dashboard viewing.
An innovative approach to fraud detection
Lynx’s solution stands out in the market with its advanced artificial intelligence and machine learning (ML), fraud detection and AML that achieve high detection rates with very few false positives. Lynx’s ability to update itself daily ensures it remains responsive to changing behaviors and emerging fraud tactics.
“We are thrilled to partner with Lynx, a company that shares our commitment to innovation and excellence in the financial services industry,” said Sumant Kumar, CTO, Banking and Financial Markets | Head of Innovation, at NTT DATA UK&I. “With this new partnership, we will enhance fraud detection capabilities for banks around the world, expanding our combined reach and ensuring safer transactions for everyone.”
“Our collaboration with NTT DATA marks a significant milestone for Lynx,” said Lucy King, Director of Global Alliances at Lynx. “By combining NTT DATA’s extensive industry experience with our cutting-edge solutions, we are poised to transform the fraud prevention landscape in the financial services industry.”