ANGEION GROUP INTRODUCES FIRST OF ITS KIND REAL-TIME FRAUD DETECTION SYSTEM
Philadelphia, PA, October 3rd, 2023, Angeion Group, the leading innovator in the class action settlement industry, proudly announced the launch of its real-time fraud detection system, AngeionAffirm, to combat the rising tide of fraudulent claims in class action settlements. This landmark technological initiative will uphold and augment the integrity of the class action claims process, ensuring fair compensation for bona fide claimants, effectively eliminating most meaningful instances of fraud.
In recent times, cyber criminals and fraudulent actors have utilized a variety of increasingly sophisticated technologies and techniques in their attempt to perpetuate fraud in class action settlements. Many of these criminals may be state-sponsored or otherwise instigated by nefarious domestic or international cartels. With the advent of AngeionAffirm and its real-time fraud detection capabilities, Angeion maintains transparency and fairness, which is instrumental to the entire class action system.
AngeionAffirm is the first and only comprehensive solution to identify fraud in real time based on both state-of-the-art technology and analysis of over a decade of historical claims data. AngeionAffirm significantly transcends current industry practices, spotlighting Angeion’s innovative approach to tackling fraud with a remarkable level of confidence.
In a recent settlement, Angeion’s innovative fraud detection system displayed its superior efficacy in identifying greater than 99.1% false claims rate during a distinct period, displaying a degree of accuracy far beyond current industry norms.
Key Highlights of AngeionAffirm:
- Machine Learning Based Fraud Prevention: The implementation of enhanced, machine learning based fraud prevention mechanisms on all Web Application Firewalls are focused on detecting and blocking fraudulent activities even before they infiltrate the system.
- AI-based Script Identification: Angeion employs advanced artificial intelligence to identify bot and scripted browser traffic.
- Behavioral Analysis: A blend of proprietary behavioral analysis techniques are employed to identify abnormal patterns that could indicate fraudulent submissions, to help ensure that claims are genuine and justifiable.
- Advanced Email Verification: Angeion Group analyzes a broad array of technical characteristics garnered from claimant email addresses and other digital fingerprints to determine a claim’s propensity for fraud.
- Robust IP Monitoring: A dynamic IP monitoring system has been deployed to identify and flag suspicious activities across all case engagements.
- Historical Data Analysis: Angeion Group analyzed over one hundred million claims, which has proven instrumental in identifying characteristics, anomalies, and known bad actors, that may signify fraudulent intent, thus ensuring only bona fide claims are approved.
- Defense-in-Depth: Utilization of multiple security measures to address the increasing scale and sophistication of cyber criminals’ adaptive behavior.
“Our innovative approach, driven by behavior-based detection and cutting-edge technology, ensures that our clients can navigate the digital claims landscape with confidence.” Ryan Hallman, Angeion’s Chief Technology Officer.
“At Angeion, we don’t just adapt to change; we drive it, and our clients will reap the rewards of this dedication as will the class action system as a whole” Steven Weisbrot, CEO (Chief Executive Officer) and President of Angeion Group.
Looking forward, Angeion is applying a defense-in-depth mindset with the AngeionAffirm umbrella of products that will be released over the coming months. This means that each service offering will incorporate additional levels of protection at each stage of the Settlement Administration process, starting with the crafting of the settlement agreement to prevent fraudulent claim filing on settlement websites, and then multiple fraud detection steps and analysis prior to and at the point of distribution. AngeionAffirm will set a new standard for ensuring that settlements are fair, just, and equitable.
The profound importance of this technology and its potential to curb fraud cannot be understated. With that in mind and given the recent exponential growth of sophisticated fraud rings, Angeion Group will proudly make AngeionAffirm available to other claims administrators. According to Weisbrot, “our commitment to curb the troubling proliferation of fraud, which could otherwise derail the authenticity of the class action device, is paramount.”