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IndustryUpdate

Provenir recognized for it credit risk solution RESEARCH

Provenir's AI-Powered Risk Decisioning Platform
secured its third consecutive win in the Credit Risk Arkose Labs finds 3/4 of web traffic is malicious
Solution category at the 2023 Credit & Collections
Technology Awards. These awards recognize technol- Arkose Labs, a provider of bot management and account
ogy solutions aiding credit and collections companies, security, released a threat intelligence report revealing
particularly amid regulatory challenges. Provenir's uni- that bots and human fraud farms were responsible for 73
fied, cloud-based platform integrates risk decisioning, percent of all website and app traffic in the first half of
data and AI through a centralized user interface; it is 2023. The report highlights a 167 percent increase in bot
designed to enable financial institutions to make accu- attacks, with a particular surge in intelligent bots, which
rate, automated risk decisions throughout the customer can conduct complex, context-aware interactions. The
lifecycle and expedite product development. study also identifies two trends driving this increase: the
use of generative AI for content generation by bad actors
Wiliot a Fast Company tech honoree and the rise of cybercrime-as-a-service, making cyberat-
tacks more accessible.
Wiliot, an IoT pioneer, was named to Fast Company's
Next Big Things in Tech list for its ambient IoT Pixels Fenergo issues KYC trends report
and Visibility Platform. The platform connects digital
and physical worlds with stamp-sized, self-powered US investment banks are facing challenges in their fight
compute devices called IoT Pixels, which are designed against financial crime and compliance with changing
to enable virtually any item to connect to the internet. regulations, according to Fenergo's 2023 KYC Banking
The devices provide real-time information on location, Trends Report. The study found that 51 percent of respon-
temperature, humidity and carbon footprint, which can dents lost clients due to slow onboarding processes.
help large companies make profitable, sustainable deci- Although KYC reviews now take an average of 82 days
sions. Plus the company's integration with generative AI to execute per client, down from 117 days a year ago,
platforms enhances supply chain visibility and enables investment banks are managing compliance and risk
proactive actions to address issues, Wiliot noted. with reduced staff (-12 percent) and budgets, researchers
found. Legacy architecture and revenue growth targets

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