Agilence, a prominent provider of data analytics and loss prevention solutions aimed at various sectors including retail, restaurants, and hospitality, has unveiled Agilence AI, a cutting-edge suite of artificial intelligence tools designed to enhance fraud detection and prevention strategies for businesses.
The announcement was made by Agilence's CEO, Russ Hawkins, who stated, “Our new technology, Agilence AI, transforms how loss prevention teams detect and mitigate fraud.” He highlighted that unlike standard AI frameworks, Agilence AI is customisable, learning directly from users' data and operational patterns to deliver precise and actionable fraud detection tailored to individual business needs.
Agilence AI encompasses several key functionalities aimed at improving efficiency in fraud management:
AI Transaction Fraud: Precision Scoring - This feature allows Agilence AI to identify high-priority risks by scoring suspect transactions within Agilence Analytics. The system is adaptive, refining its predictions based on user input, which aids in the quick interpretation of fraud scores directly integrated into dashboards and reports.
AI Alerts: Priority Ranking - Alerts generated through Agilence Analytics are structured based on specific business metrics and conditions, facilitating actionable insights for addressing fraud concerns. This feature enables the ranking of alerts according to severity, thus directing teams’ attention to the most critical threats, while also reducing alert fatigue by grouping related alerts for quicker identification of potential widespread fraud.
Natural Language Query (NLQ): Intuitive Data Exploration - Agilence AI allows users to explore their data within the Agilence Case Management and Audit Management systems using plain language queries. This capability accelerates the analysis process and broadens accessibility, enabling users of any expertise level to gain insights and visualise information rapidly.
AI Automations: Workflow Efficiency - Users can also create automated workflows via natural language commands for Agilence Case and Audit Management, which enhances compliance and simplifies task assignments, significantly reducing the need for manual intervention and speeding up corrective actions.
The capabilities of Agilence AI are expected to enhance team productivity by employing AI-driven scoring systems that prioritise significant fraud cases and streamline operations through NLQ insights. It is engineered to adapt to complex fraud patterns, including refund and loyalty programme abuses, ensuring that the technology evolves in tandem with the data it analyses.
Brian Brinkmann, the Chief Product and Marketing Officer of Agilence, expressed optimism about the future of the product. He remarked, “By combining AI with the expertise of loss prevention professionals, we’re empowering our customers to drive meaningful financial improvements and operational efficiency.” He further noted that the launch of Agilence AI marks the beginning of a series of innovative AI capabilities planned for the current year.
Businesses interested in learning more about Agilence AI and its potential applications in loss prevention can visit the Agilence website or attend the NRF Big Show 2025 at the Jacob K. Javits Convention Center in New York City, scheduled for January 12-14, 2025.
Source: Noah Wire Services