Latest news with #FraudShield
Business Wire
14-07-2025
- Business
- Business Wire
CommunityWide Federal Credit Union Taps Scienaptic AI for Smarter Fraud and Anomaly Detection
NEW YORK--(BUSINESS WIRE)-- Scienaptic AI, a leading provider of AI-powered credit decisioning, announced today that CommunityWide Federal Credit Union has selected its platform to enhance real-time fraud and anomaly detection to tackle the challenges of identity theft and synthetic identity fraud. With the help of Scienaptic AI platform, CommunityWide Federal Credit Union aims to deploy a deeply integrated fraud and underwriting engine. This integrated engine aggregates multiple data sources and deploys cutting-edge machine learning and anomaly detection algorithms to create a powerful signal to detect fraud. Early detection of fraud is already yielding significant savings in fraud losses for Scienaptic clients. 'With fraud evolving rapidly, especially in identity and synthetic attacks, we needed a solution that could act in real time without compromising member experience,' said Andy Burggraf, President/ CEO of CommunityWide Federal Credit Union. 'By leveraging FraudShield by Scienaptic AI, we can approve genuine members with confidence, while proactively identifying fraud before it enters our system. It's a powerful step forward in delivering both security and service.' 'We're proud to enable CommunityWide Federal Credit Union to strengthen fraud resilience without slowing down the member experience,' said Eric Steinhoff, EVP, Client Impact at Scienaptic AI. 'With FraudShield, credit unions are able to detect anomalies in real-time, reduce friction, and approve more members confidently. This collaboration reflects our shared commitment to safe, inclusive, and efficient lending.' About Scienaptic AI Founded in 2014, Scienaptic AI was built with the mission to drive financial inclusion at scale through AI-driven credit decisioning. The platform encapsulates a decade of technological innovation, integrating more data into decision-making, leveraging advanced machine learning algorithms, and supplementing them with rigorous risk and fair lending monitoring processes. This enables financial institutions to reach more borrowers—including underbanked and underserved individuals—and say 'yes' more often without increasing risk. In September 2024, Scienaptic's Credit Union Service Organization (CUSO) received strategic equity investments from its clients, further strengthening its mission to elevate lending with AI-driven solutions for inclusive loan growth, automation, lifecycle management, and compliance. Today, the CUSO is backed by 10 strategic investors, underscoring Scienaptic's deep commitment to the core principle of "people helping people." The Scienaptic AI platform plays a vital role in supporting over 150 lenders by enhancing lending accuracy and efficiency. Scienaptic's credit decisioning expertise spans financial institutions collectively managing $3.9 trillion in assets. The platform processes over 3 million credit decisions each month, evaluating loan applications worth more than $3 billion. This enables over 1.3 million underserved individuals every month to access credit opportunities that were previously out of reach. Driven by the growing demand for AI in lending, the company has expanded by over 2,000% in the past three years. For more information, visit
Express Tribune
21-03-2025
- Business
- Express Tribune
Startups explore cybersecurity at NIC
Listen to article IT experts, on Friday, emphasised that cybersecurity plays a vital role in safeguarding business websites and combating the rising threats of malware, ransomware, and virus attacks. Pakistan's largest startup induction concluded on its 10th day on Friday at the National Incubation Centre (NIC) Karachi at NED University of Engineering and Technology (NEDUET), where more than 125 startups competed for spots in NIC Karachi's 13th Cohort. Tech veteran and NIC Karachi Project Director Syed Azfar Hussain stated that NIC Karachi's 13th Cohort will include around 40 startups, selected from over 600 applications across diverse sectors like cybersecurity, AI, fintech, industrial automation, blockchain, e-commerce, and sustainability. Throughout the induction process, over 100 startups pitched their ideas, showcasing Pakistan's growing startup ecosystem and its potential to drive technological and economic transformation. The participation of early-stage entrepreneurs and industry experts reflects the increasing momentum of innovation-led growth in Pakistan. He said, "The NIC Karachi 13th Cohort Induction is a significant milestone for Pakistan's startup ecosystem. This year, we are witnessing a wave of innovative ventures tackling real-world challenges with technology-driven solutions. The event highlights the growing need to empower startups by providing them with the right resources, mentorship, and industry connections to thrive in an increasingly digital economy. The presence of investors, corporate leaders, and government stakeholders reinforces the importance of collaboration in fostering innovation. Events like these not only showcase Pakistan's entrepreneurial potential but also pave the way for a stronger, tech-driven future." Tech expert and LMKT Vice President Asim Ishaq Khan stated, "Cybersecurity is no longer a luxuryit is a critical necessity for businesses and individuals in today's digital landscape. Startups have immense potential to drive innovation in key areas such as cloud security, identity and access management (IAM), blockchain for secure transactions, Internet of Things (IoT) security, and advanced phishing detection. At NIC Karachi, we actively support cybersecurity ventures developing cutting-edge solutions to protect digital ecosystems and stay ahead of emerging threats." Regarding the cybersecurity startups that pitched at the event, Muhammad Ali, founder of 'Agentic Enabled VAPT', is addressing the high costs, inefficiencies, and human errors in manual cybersecurity compliance. His AI-powered solution automates vulnerability detection, prioritises threats in real time, and provides continuous security monitoring with actionable insights, reducing audit costs, saving time, and enhancing accuracy. Financial fraud is rising, causing losses and trust issues. Traditional fraud detection systems struggle with complex fraud patterns, slow response times, and high false-positive rates. Another startup, 'FraudShield', founded by Abdul Basit, uses AI-driven real-time fraud detection, adaptive risk assessment, and automated anomaly detection to prevent unauthorised transactions efficiently. Additionally, an interesting concept of a digital twin was showcased by 'Shadow You: A Digital Twin Solution', founded by Asad Askari. Professionals struggle with time management, excessive meetings, and a lack of AI-driven automation, leading to inefficiency. 'Shadow You' is an AI-powered digital twin that records and summarises meetings, automates tasks, and optimises schedulesseamlessly managing work and life for enhanced productivity. Speaking to The Express Tribune, eminent SEO expert and IT coach Mehboob Shar, Founder and CEO of iCreativez Technologies, stated that in today's digital economy, data security is more valuable than currency. A bank's or company's reliability depends on how well it protects client data. Cybersecurity is no longer optionalit's essential. He said, "With the rising demand for online data protection, iCreativez Technologies has launched a dedicated cybersecurity department. Our mission is to safeguard businesses with cutting-edge security solutions, ensuring their data remains secure from ever-evolving threats. Trust isn't given; it's earned through relentless protection. At iCreativez, we make cybersecurity our priority so businesses can thrive with confidence." Dr Adnan Ahmed Arain, Head of the Cyber Security Department at Quaid-e-Awam University of Engineering, Science and Technology, Nawabshah, stated, "Cybersecurity is crucial for protecting business websites from rising threats like ransomware. Ransomware, including Locker and Crypto variants, forces victims to pay to regain access to systems or data. According to Kaspersky, ransomware attacks rose by 30% globally from 2022 to 2023. In Pakistan, a major 2024 data breach exposed millions of citizens' sensitive information, such as CNIC and contact details, on the dark web. Earlier, K-Electric was targeted by Netwalker ransomware, and Medusa attacked the Institute of Space Technology." He stated that IT professionals can counter these threats by implementing multi-factor authentication, the principle of least privilege, HTTPS with SSL/TLS for secure data transmission, and robust antivirus/anti-malware tools. Regular software updates and patching help eliminate vulnerabilities. Defending against social engineering and phishing through staff training enhances overall security awareness. By adopting these proactive measures, IT teams can protect websites, ensure business continuity, and prevent severe damage.
