Cybercrime and fraud are surging – and COVID-19 threw gas on the fire. It’s clear that traditional strategies for fraud prevention, detection, and investigation are no longer sufficient. The good news is that there are innovative technology solutions that can not only deliver better fraud detection and prevention, but also a superior customer experience. Building on our decades of experience in security and deep partnerships in the worlds of AI and fraud prevention, Nuance is proud to announce the Nuance Fraud Nexus: A center of excellence that will bring together experts from around the world to join forces in the global fight against fraud.
Cybercrime, data breaches, and fraud have all been rising for years—but the pandemic has created even more opportunities for fraudsters . As social engineering, password-related attacks, and identity theft all skyrocket, fraud teams around the world are finding that their usual strategies for fraud prevention, detection, and investigation are no longer sufficient.
The good news is that there are innovative technology solutions that can help fraud teams prevent fraud even before it happens. We at Nuance have been involved in this space for decades now, helping companies like Fidelity Investments use AI and biometrics to stop fraudsters and protect their customers’ investments. In this time, we’ve cultivated strong partnerships with fraud prevention and artificial intelligence communities around the world—part of our ongoing commitment to promoting a proactive, transparent, technology-forward approach to fraud prevention.
Now, we are taking this commitment one step further. We are proud to announce the Nuance Fraud Nexus, a center of excellence located in Montreal that will build on our longstanding partnerships, expertise, and technologies and bring together globe’s leading fraud prevention experts. Why Montreal? The short answer is that it’s a vibrant, multicultural city with deep, well-established expertise in AI, fraud prevention, and other technology. And it’s the heart of Nuance’s Security & Biometrics, where our office downtown houses hundreds of Nuance employees dedicated to building new and better authentication and fraud prevention solutions.
An in-house team of certified fraud experts and analysts will lead the Nuance Fraud Nexus. Together, we will help our customers benefit from shared knowledge and experience; provide recommendations and advice for optimizing fraud detection, prevention, and investigation strategies; and consult and research directly with industry and technology experts to improve our solutions and customers’ outcomes.
As we embark on this journey, we look forward to finding new ways to help fraud prevention teams transition away from legacy, reactionary methods of detecting and investigating fraud and toward an intelligent, proactive approach that leverages AI and biometrics. The Nuance Fraud Nexus will engage in a wide variety of research, benchmarking, and expansion initiatives, including publishing a global report on fraud trends, growing our collaborations with governmental and professional organizations, and leading roundtable discussions and global events.
Ultimately, we recognize that fraud prevention teams face new, evolving threats and too many obstacles that can prevent us from doing some of the most important work: protecting people and stopping criminals. The Nuance Fraud Nexus will create a place for fraud prevention professionals and technology experts to overcome these obstacles by joining forces in the global fight against fraud.