Your machine learning models are only as good as the data they were trained on. Test, train, and calibrate your ML models with realistic, balanced synthetic data, that is representative of the anomalies and fraudulent activities specific to your institution. Synthetic data significantly improves your fraud detection, and AML models’ accuracy. According to Gartner, by 2024, 60% of the data used for the development of AI and analytics projects will be synthetic. Better signals - calibrated to fit the bank’s unique data profile - result in fewer false positives and more true positives. Synthesized datasets are flexible, easy to augment, and safe, so you can recalibrate your ML models as often as you like. What’s more, synthetic data empowers you to draw on alternative data sources locked by privacy regulations or policies.
Synthetic data generated by MOSTLY AI’s synthetic data platform has shown to have a consistent improvement of fraud detecting machine learning models’ performance between 2% and 15% compared to using raw imbalanced data. An improvement of only 2% could yield a 2% decrease in false positives, saving millions of dollars on investigation processes alone.
MOSTLY AI’s unparalleled data accuracy allows machine learning algorithms to pick up on new, rare patterns hidden in the raw, imbalanced data. Anonymization is automatic and data privacy is a built-in feature: the synthetic copies bear no 1:1 relationship to the original datapoints. This is a mathematical guarantee, that no individual of the original dataset can be reidentified in the synthetic version. As a result, the data no longer classifies as personal data so you can share your auto-anonymized synthetic datasets with third-party AI vendors and internal fraud departments in a privacy-compliant and agile way. MOSTLY AI’s synthetic data platform is easy to use and allows data scientists to quickly and efficiently augment datasets. Each synthetic generation run comes with an automatically compiled privacy and accuracy report to make sure that your machine learning algorithm is fed with the best possible version of your training data. MOSTLY AI has extensive industry knowledge in banking and insurance, providing unique synthetic data advisory in these fields.