Fraud is a persistent challenge for businesses, especially in industries like fintech, banking, and payment processing. As fraudsters become more sophisticated, traditional risk management tools often fall short. Enter AI-powered risk management solutions - designed to detect, prevent, and mitigate fraud in real time. Among these, Coris stands out as a leader, offering a comprehensive platform that automates merchant lifecycle management while reducing risks. Here are seven AI-driven solutions that are transforming fraud prevention and why Coris is at the forefront.

1. Automated Merchant Onboarding

Efficient and secure merchant onboarding is critical for payment platforms and fintechs. Coris simplifies this process by automating Know Your Business (KYB) checks, industry classification, and website analysis. Using AI, the platform cross-references merchant data from multiple sources, such as Stripe and Adyen, to identify inconsistencies or potential fraud risks. This automation reduces onboarding friction for legitimate businesses while flagging suspicious applications for further review.

Key Benefits:

• Faster onboarding with fewer manual reviews
• Enhanced accuracy in identifying fraudulent applications
• Reduced operational costs

2. Real-Time Transaction Monitoring

Fraud often occurs during transactions, making real-time monitoring essential. Coris employs advanced machine learning algorithms to analyze transaction data as it happens. By identifying anomalies and unusual patterns, the platform can flag potentially fraudulent activities before they escalate.

How It Works:

• Tracks chargeback history and refund rates
• Monitors payment volumes for irregular spikes
• Generates alerts for high-risk transactions

This proactive approach ensures businesses can act swiftly, safeguarding their assets and maintaining customer trust.

3. Fraud Detection Models Tailored for Fintech

Generic fraud detection tools often fail to address the unique challenges faced by fintech companies. Coris offers specialized fraud models, including the world’s first merchant fraud model that detects both third-party and first-party fraud at sign-up. Additionally, its ACH fraud detection model predicts the likelihood of payment returns, helping platforms like Stripe Connect reduce losses.

Why It Matters:

• Customizable rules for specific fraud scenarios
• Reduced false positives, ensuring legitimate transactions are not blocked
• Improved fraud prevention accuracy

4. AI-Driven Risk Assessment

Risk assessment is a cornerstone of fraud prevention. Coris leverages AI to analyze vast amounts of data, providing a comprehensive risk score for each merchant. This includes evaluating digital footprints, social media activity, and business site inspections using tools like Google Street View.

Advantages:

• Swift identification of high-risk merchants
• Data-driven insights for better decision-making
• Minimized manual errors in underwriting

5. Customizable Rule Engines

Every business has unique risk management needs. Coris’s platform allows users to create custom rules and thresholds for monitoring merchant behavior. For example, risk teams can set alerts for merchants exceeding specific chargeback rates or refund thresholds.

Features:

• Tailored risk alerts for different business models
• Flexibility to adapt to evolving fraud tactics
• Streamlined workflows for risk teams

6. Integration with Leading Payment Processors

Coris integrates seamlessly with major payment processors like Stripe and Adyen, making it a versatile choice for businesses looking to enhance their existing systems. This integration enables platforms to monitor transactions, assess risk, and automate actions without disrupting operations.

Integration Highlights:

• Compatibility with existing workflows
• Easy setup and minimal downtime
• Enhanced fraud detection capabilities

7. Continuous Monitoring and Alerts

Fraud prevention doesn’t stop at onboarding. Coris provides ongoing monitoring throughout the merchant lifecycle. Its platform generates real-time alerts for suspicious activities, such as unusual payout requests or changes in transaction patterns.

Real-World Application:

• A merchant suddenly processes higher-than-usual payment volumes. Coris flags this activity, allowing the risk team to investigate before releasing payouts.

This continuous vigilance ensures businesses stay ahead of fraudsters while maintaining operational efficiency.

Why Coris Stands Out

While competitors offer generic risk management tools, Coris differentiates itself with its unified platform and innovative features focused on merchant fraud and risk. From automated underwriting to real-time fraud detection, Coris provides end-to-end solutions tailored for software platforms, banks, and fintechs. Its ability to integrate with existing systems and adapt to unique business needs makes it a preferred choice for risk teams.

Key Differentiators:

• Comprehensive merchant data intelligence
• Industry-first fraud detection models
• Customizable and scalable solutions
• Proven results, including reduced losses and faster underwriting times

Conclusion

Fraud prevention is no longer optional—it’s a necessity for businesses aiming to protect their bottom line and build customer trust. AI-powered solutions like Coris are revolutionizing risk management by automating processes, enhancing accuracy, and providing real-time insights. Whether you’re a payment processor, bank, or fintech, Coris offers the tools you need to stay ahead of fraudsters and thrive in a competitive market.

Ready to see Coris in action? Request a demo today and discover how its AI-powered platform can transform your risk management strategy.