Online financial transactions are becoming a norm each passing day and consumers are increasingly at risk citing safe processing of their transactions. At a time where online transactions are accentuating, organizations and organizational gatekeepers face an uphill task, and the bitter truth is that financial transactions come with pitfalls, and they are rising. While the risks are surging, the industry finds itself in a conundrum, short of solutions or appropriate measures to combat or prevent fraudulence that occur during transactions.
Tel Aviv, Israel based Detelix Software has been at the forefront of combating online transactional fraudulence. Incepted in the year 2015, Detelix was founded on the principles of combating online fraud which has over the years become one of the significant pain points for personnel and organizations across the globe. “Many of the capabilities we possess have roots from the elite intelligence unit in the Israel Defense Forces, and our algorithms have proven themselves in detecting complex embezzlement in the Israeli market and abroad,” says Mr. Benny Alon founder of the company.
The firm has more than 25 years of rich experience and expertise in R&D, in the area of fraud detection and prevention, and is currently positioned as one of the top firms to bank upon when it comes to preventing online transactional fraud.
Detelix’s fraud prevention solution, Argoscope makes use of innovative technology and powerful algorithms that help detect both internal and external fraud in real time, while also providing the necessary regulatory compliance without disturbing the organization’s workflow. Though Argoscope was primarily developed to help organizational CFOs combat fraud and protect financial assets, the solution has now expanded its horizons to serve various teams and individuals with significant responsibilities inside an organization. Based on years of hands-on experience in detecting and investigating fraud and embezzlement cases, the firm’s main goal through Argoscope is to deliver peace of mind for organizational gatekeepers and by doing so to provide a quick return on investment for its customers .
With more than 15 years of industry experience in managing, building and analyzing complex information systems, Alon has conducted hundreds of data analyses and has developed numerous fraud and embezzlement detection algorithms for organizations. The team at Detelix comprises of individuals who are analysts, with mathematical, statistical and business capabilities. The combination of intelligence and years of hands-on experience of Alon and his team has resulted in a strong, vigilant solution that not only monitors the entire payment process, but also conducts real time risk assessments before allowing fund transfers.
The strength of Detelix’s Argoscope lies in its algorithms, along with organizational and financial understanding. The solution by optimizing a unique intelligence engine, learns the payment process while detects, reports and also stops the payment transaction or any activity that does not conform with predetermined set of rules and regulations. ArgoScope enables the gatekeepers to approve and transfer the funds with greater confidence. The solution comprises of hundreds of unique algorithms that enables continuous supervision and preclusion at various levels to detect any abnormal or unusual payments in real time in matter of seconds. “By focusing on scenarios we have very low false positives, and the community feedback gives us the opportunity to update the algorithms and better the product.”
Argoscope has a comprehensive set of features that makes it a hugely reliable solution. From continuous monitoring features, to supervising the entire payment process that includes the creation of payment recipient entity to the actual transmission and accounting, the solution ensures a secure transaction is attained. Argoscope is also extremely user-friendly, and can be easily configured to any requirements of each organization. With a rich visual interface that displays real time alerts that enables decision making, the solution can be used by personnel at various levels from managers to internal auditors, risk and compliance management officers or even cyber security officers.
ArgoScope has contributed greatly to customers in locating and preventing payments that resulted from human error or fraud within the organization or exploitation of company employees for fraudulent activity. One of the firm’s clients after availing Argoscope had their $2.5 million transaction stopped. The supplier had taken advantage of a huge payment transaction by directing a payment Pro forma and a tax invoice for the same service to two subsidiaries, which means that he demanded a double payment from each company. “The uniqueness of this example is not the detection of double payments that can be prevented with internal controls, but to the similarity of this event to other scenarios we found in different institutions” says Alon
The firm’s business model is based on the continuous and systematic addition of algorithms to all of its customers. As part of the installation, Detelix develops every algorithm required for the customer and shares it with its large user community who actively share their knowledge enriching the whole circle. “Our community built on large group of financial managers, treasurers, accountants and risk managers from the leading companies in the Israeli market. Technological capabilities, together with the human intelligence enable us to continue to develop and lead the market,” claims Alon. With large and prestigious clients under its belt in the banking and credit, health, retail, N.P.O's and transportation industry, Detelix chugs forward for a greater future.
Quote 1: “Many of the capabilities we possess have roots from the elite intelligence unit in the Israel Defense Forces, and our algorithms have proven themselves in detecting complex embezzlement in the Israeli market and abroad”
Quote2: “Our solution by optimizing a unique intelligence engine, learns the payment process while detects, reports and also stops the payment transaction or any activity that do not conform with predetermined set of rules and regulations”
Description: A provider of financial fraud detection and prevention solutions