Jaywing’s commitment to innovation in AI-driven fraud prevention has been recognised (again!) this time with a prestigious win at the 2024 DataIQ Awards. Our team secured the "Breakthrough with Data or AI (Enabler)" award, recognising our team’s commitment to using cutting-edge AI to solve complex fraud challenges.
Our AI-driven solution helped clients across banking, retail and telecommunications reduce fraud losses, achieving tens of millions in fraud savings whilst reducing operational costs. We did this by leveraging the power of disparate data sources combined with cutting-edge explainable machine learning techniques.
The DataIQ awards honours both companies and individuals that have demonstrated excellence in the data industry over the past 12 months. As the data and analytics industry’s most prestigious awards, over 400 entries were received in 2024.
Excitingly, the DataIQ award adds to our growing list of accolades, showcasing our long-standing dedication to innovation in the industry.
To learn what sets Jaywing apart from other consultancies, here’s a little more about the winning award entry.
The challenge: Reducing fraud losses before a high-risk product launch
Our award-winning projects tackled a range of pressing issues that are pertinent for clients across banking, retail and telecommunications: the need to minimise fraud losses whilst maximising revenue and creating slick customer journeys for non-fraudsters.
This kind of challenge is one that Jaywing’s blend of risk modelling experience and deep learning technology is perfectly suited to solve.
Jaywing's mission is twofold: develop a fraud prevention solution that would not only achieve the ambitious fraud savings target but also be implemented rapidly and minimise the impact on overworked operational teams.
Jaywing's AI-driven solution: How we help
To address these challenges, Jaywing's team leverage our advanced AI technology, Archetype, to create predictive models that identify intricate fraud patterns. We integrate these models seamlessly with client's existing infrastructure, including internal databases, credit reference agencies, and fraud prevention tools.
Project success hinges on Archetype's sophisticated predictive analytics and its ability to provide clear explanations for its decisions. This allows our fraud specialists to not only accurately flag high-risk applications but also offer transparency into the decision-making process. This is a crucial factor in building client confidence in a new, innovative system.
The explainable AI approach enables our clients to understand how models impact fraud losses and customer acceptance rates to enhance existing fraud detection methods.
In remarkably short timeframes, Jaywing can deliver and implement bespoke models to combat the full range of fraud modalities.
The results: Exceeding expectations with lasting impact
The results of the project speak for themselves:
- Models that can identify fraud with 95%+ accuracy (Gini statistic)
- Significant reductions in first-party and third-party fraud
- £Tens of millions of fraud savings
Jaywing's AI solution tackles the challenge of curbing fraud losses quickly while simultaneously providing a robust, adaptable framework for long-term prevention.
Moreover, as the solution continues to evolve, it will enhance its effectiveness over time. This ensures our client is well-equipped to tackle emerging threats, with a solution that combines proactive measures and pinpoint accuracy.
Industry recognition: A legacy of innovation
The 2024 DataIQ Award adds to Jaywing's growing list of accolades for our cutting-edge AI and data solutions. We are incredibly proud that our commitment to innovation has been consistently acknowledged by the industry, including:
- 🥇Technology Team of the Year 2018 – Credit and Collections Technology Awards
- 🥇AI & Machine Learning Awards 2019 – Best Use of Predictive Analytics
- 🥇Innovation in Credit 2019 – Credit and Collections Technology Awards
- 🥇AI in Credit and Collections Solution 2019 – Credit and Collections Technology Awards
- 🥇Top Tech Yorkshire 2019
- 🥇Anti-fraud Solution (with Virgin Money) 2021 – Credit and Collections Technology Awards
- 🥇Excellence in Fraud Prevention 2024 – Credit Awards
These awards reflect the breadth of our expertise across fraud prevention, credit risk management, and advanced AI applications. Our recent DataIQ Award further solidifies Jaywing's position as a frontrunner in applying AI to tackle complex fraud prevention challenges.
Our recent DataIQ Award further solidifies Jaywing's position as a frontrunner in applying AI to tackle complex fraud prevention challenges.
A proud moment for the Jaywing team
At Jaywing, we've always strived to expand the possibilities of AI technology. Whether it’s transforming risk management, enhancing customer onboarding processes, or tackling fraud, Jaywing's AI technology continues to lead the way in real-world applications.
Winning the 2024 DataIQ Award for Breakthrough with Data or AI recognises our team's dedication and highlights the power of AI in addressing real-world challenges. We're particularly proud that our innovative anti-fraud solution is delivering significant results for our clients.
“This DataIQ award isn't just another trophy for our shelf – it's a testament to our team's relentless pursuit of innovation. It spotlights the critical role of AI in fraud prevention and reinforces Jaywing's position at the cutting edge of data science. More than that, it's rocket fuel for our team's morale.”
Ben O’Brien, MD, Jaywing
Related:
- For more on our award-winning AI technology, Archetype, click here.
- Your fraud health check: Gain a clear picture of your current fraud prevention measures and helps you develop a long-term strategy to mitigate risks.
- Read about our recent win: Excellence in Fraud Prevention 2024 – Credit Awards