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Gary Shiffman, CEOHowever, this rush to digitize processes and services exposed numerous vulnerabilities in financial systems and underlying technology infrastructure. Consequently, cyber-attacks aimed at the financial sector increased by 238 percent, while account takeover fraud grew by 72 percent, and financial institutions reported a seven-fold increase in suspicious business loan activity.
This surge rightfully drew scrutiny from legislators and federal regulators, pushing a tsunami of new regulations to better protect consumer data and enable safer digital commerce. However, the need of the hour for financial institutions is to enhance their fraud prevention strategies according to current regulations and policies.
That’s where Giant Oak, Inc. can help.
Combining behavioral social science and computer science methodologies to combat criminal activities, Giant Oak’s GOST® empowers AML and risk professionals to quickly and efficiently screen massive populations for negative news. GOST transforms compliance and risk management practices from a cost center to a revenue generator using more data and better analytics strategies.
“Most anti-fraud programs are rules-based and reactive, and it’s easy for bad actors to adapt to these systems; they just need to figure out the rules,” says Gary Shiffman, CEO of Giant Oak, Inc.
“GOST evolves fraud prevention systems with advanced machine learning (ML) and natural language processing (NLP) technologies, which are harder for criminals to crack and get smarter over time.”
During on boarding, GOST provides ML-enabled entity resolution. Using the context surrounding an application, entity resolution algorithms can highlight when a claimed identity is associated with concerning information. Throughout a client’s relationship, GOST’s continuous monitoring capability allows the detection of erroneous behavior patterns, enabling users to stop distributions to criminals. It empowers them to quickly find information that suggests the customer’s profile is not credible, realistic, or plausible.
These instances stand testament to how exemplary Giant Oak is in pro actively helping financial institutions augment their fraud prevention practices through advanced technology.
“Individuals and small businesses impacted by COVID-19 depend on the money lost due to frauds to make rent, meet payroll, and keep the economy alive,” adds Shiffman. “Investing in our proactive screening techniques can help agencies and financial institutions disburse funds faster with less risk.”
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Company
Giant Oak Inc
Management
Gary Shiffman, CEO
Description
Giant Oak is a company that leverages behavioral social science and computer science approaches to develop effective big data tools like GOST to combat criminal activities. GOST is one of the most scalable, reliable, and quick adverse media search tools that enable businesses in the financial services sector to comply with the best security standards set in the industry. With a tremendous amount of data gathered through different channels, Giant Oak enables organizations to understand the human behavior behind every data set created. Financial institutions with limited resources can partner with Giant Oak to bridge the gap required to gather, store and process big data and get valuable insights through them to reduce fraud
