Risk management firm EverC and AWS collaborate to fight fraud
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EverC began to integrate GenAI into their core solutions, with an eye to streamlining and scaling risk management for acquiring banks, payment processors, and online marketplaces. Leveraging AWS GenAI solutions has allowed EverC to set new industry standards in the use of AI to identify and root out online fraud.
Through a multi-model approach, EverC deploys AI to:
• Fully automate processes, enhancing efficiency and reducing the need for manual intervention
• Classify merchants, MCCs, content, categories, and products quickly and accurately.
• Add new features and functionality, for a solution that evolves dynamically.
• Achieve precision comparable to human analysts, in a way that is more efficient with time, cost, and resources.
• Identify novel patterns and anomalies, for a more comprehensive picture of risk.
• Rapidly adjust to customers' risk tolerance and business goals, as well as changes in regulations and industry trends
EverC leverages sophisticated artificial intelligence to address the intricate challenges within a complex industry. Recognizing that risk management requires tailored solutions, the company develops AI-driven technologies that are not one-size-fits-all. EverC emphasizes the crucial role of its data and domain experts, who continuously train, refine, and verify these models to ensure their ongoing effectiveness in a constantly evolving landscape.
AI is considered a fundamental driver of EverC's growth and scalability. Through the implementation of automated processes, the company experiences accelerated development, reduced latency in production, and significant operational and cost efficiencies. EverC believes that AI enables exponential growth, overcoming the limitations associated with linear growth models that are dependent on the number of analysts.
Going forward, EverC will continue to develop AI-driven technology to solve the increasingly complex challenges of payments and ecommerce, shifting more classification tasks into Gen-AI based on AWS Bedrock, testing and evaluating various models, and building agentic systems for proactive, complex, and autonomous systems.
Working together with AWS will allow EverC to remain in the forefront of AI-driven technological advancements but also aligns with AWS's mission to promote the use of Generative AI to support innovation worldwide. EverC is proud to promote its utilization of GenAI, which has significantly transformed its processes – and its products.
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