Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - UNFRAUD (An advanced online anti-fraud software equipped with deep learning Artificial Intelligence thatcan face and detect, current fraudulent techniques and their continued evolution in a cost effective man)

Teaser

The impact of cybercrime in the digital world is a growing issue and in the online transactions market there is a high number of online frauds. This is slowing down the safe growth of SMEs that want to exploit the advantages of the digital market to sell their products or...

Summary

The impact of cybercrime in the digital world is a growing issue and in the online transactions market there is a high number of online frauds. This is slowing down the safe growth of SMEs that want to exploit the advantages of the digital market to sell their products or services. It is clear from the prevalence and impact of cybercrime, that instruments used for online transactions need a better level of cybersecurity to protect both the sender and receiver of a transaction from fraud. However, current cybersecurity technologies to prevent transaction fraud are ineffective. We are developing UNFRAUD, a cybersecurity software that prevents potential online fraud scenarios through deep learning algorithms that are the cutting-edge techniques of artificial intelligence. This has made UNFRAUD a much more reliable and cheaper system compared with competing solutions.

Work performed

As a result of the feasibility we intend to continue with the proposed development of the UNFRAUD software due to the following reasons;

- The UNFRAUD software has a clear product market fit, responding to all industry and user needs / requirements.
- The proposed development is realistic, can be undertaken most in-house, and within a reasonable budget and time frame.
- Risks do not outweigh the opportunity.
- Regulations and directives are providing an opportunity for the UNFRAUD software.
- The markets in which UNFRAUD is positioned in are growing at a rapid rate, and the needs of the market are becoming more demanding requiring innovative solutions.
- Customers we have spoken to have show a clear interest in the product and willingness to pay.
- There is no equivalent competitor on the market that can offer both an effective and low cost solution.
- Market barriers will stop unprepared competitors, but we have devised a comprehensive strategy to address these barriers.
- Strengths and opportunities presented by the UNFRAUD software clearly outweigh any weaknesses or threats.
- We will have an asset light business model and we will be able to initiate commercialisation in-house, but partnerships will be necessary with distributors to gain access to high value clients.
- The UNFRAUD software could provide us with high growth potential. Over time revenues will also be secured through repeat customer. For investors, UNFRAUD represents a quick and good return on investment, for rather a low investment.
- The technology is based on strong intellectual property.

Final results

The key values provided by UNFRAUD are as follows:

1. UFRAUD increases considerably cybersecurity with a reliability of 90% in comparison to competitors that achieve a maximum of 80%. This is due to the deep learning artificial intelligence that can detect even the most sophisticated fraud strategies.
2. UNFRAUD reduces the cost of anti-fraud services by up to 50% with respect to competitors. This allows for the safe and cost-effective growth of large companies and SMEs.
3. UNFRAUD reduces false positives by having more complicated blocking rules, in particular for geolocation. This will lower considerably the percentage of online shopping killed.
4. UNFRAUD will contribute to the fight against international money laundering schemes by heavily analysing client’s data to recognize these kinds of complex fraud schemes.
5. UNFRAUD safeguards bank welfare by reduces chargeback procedures as a result of payment card fraud.

Website & more info

More info: http://www.unfraud.com.