Oscilar , an AI fraud detection firm, has announced its development of a new generative AI risk decisioning solution. This initiative aims to empower businesses with improved speed and precision in making fraud and risk-related choices.

Expected to be launched in the coming fall, this development can position Oscilar as the industry's first generative AI risk management company. This move allows Oscilar's clients, including fintech and financial institutions, to use generative AI for more effective risk management across customer interactions. By integrating Oscilar AI, LLMs, and their risk operating system, the company offers clients a consolidated data perspective for a comprehensive understanding of each user's risk profile.

This approach facilitates swift and intelligent risk assessment. Neha Narkhede, Co-Founder and CEO of Oscilar, emphasised the significance of this advancement for the company and its clients, highlighting its potential to combat fraud. Real-time insights and informed recommendations empower risk leaders to make data-driven decisions, thanks to Oscilar's platform.

The company is committed to reshaping the approach to fraud, credit, and compliance risks through this strategic move. What is generative AI? In our recent article with Dan Aiello from IDVerse, an OCR Labs Company, we found that generative AI is a form of artificial intelligence that produces various content types based on written prompts. For this reason it has recently rapidly gained global attention.

Beyond the tech realm, it's challenging to find someone unfamiliar with ChatGPT, DALL-E, MuseNet, and other freely available generative AI programs. This technology has also proven advantageous to marketers and businesses, enabling the creation of high-quality content at scale, enhancing user experiences, and streamlining development workflows. Furthermore, advanced Identity Verification (IDV) solutions utilize generative AI and neural networks, coupled with biometric data like facial features, to authenticate users for high-risk activities such as banking transactions.

The key lies in outperforming malicious actors by leveraging this technology to its fullest potential. Sophisticated scammers employ synthetic media, commonly referred to as 'deepfakes,' to perpetrate identity theft. This technology leverages generative AI to craft realistic image, audio, and video deceptions.

Deepfakes often manipulate existing content by substituting one person with another, making them incredibly challenging to discern without assistance. The ease of crafting a convincing deepfake can vary based on factors like source material quality, algorithm complexity, and the creator's technical proficiency. Unfortunately, the prevalence of robust, open-source machine learning tools has fueled the growth of identity fraud, making it increasingly accessible for individuals with limited technical skills to produce convincing deepfakes.

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