Turkish Initiative to Combat Financial Fraud: Formica AI

Developed entirely by Turkish engineers, Formica AI has become a leader in Turkey and the nearby geography in areas such as fraud detection and prevention, AML, KYC, internal audit and compliance with legal regulations.

Formica AI offers solutions for the risk management needs of financial institutions (banks, fintechs, payment companies), e-commerce, insurance and cryptocurrency companies. It specializes in identifying and preventing not only fraudulent activities caused by external factors, but also internal fraud. Formica AI has important customers from various industries.

It helps its customers minimize financial losses and protect their reputation by proactively identifying risks and taking preventive measures with advanced artificial intelligence algorithms and powerful data analysis capabilities. Formica AI all-in-one Risk Orchestration Platform monitors fraudulent activities in real-time and ensures the security of financial systems by instantly identifying suspicious transactions. Formica AI, whose mission is to detect and prevent the recent increase in fraud cases, also contributes to the establishment of a secure financial ecosystem in Turkey.  

What stands out among Formica AI’s solutions?

• AI-powered fraud detection and prevention: Formica AI monitors fraudulent activity in real-time and identifies suspicious transactions using advanced AI algorithms. This helps customers minimize financial losses and protect their reputation.
• Anti-money laundering: Formica AI ensures compliance with regulations by automatically detecting transactions that pose a risk of money laundering and reporting them to relevant institutions.
• Knowing the customer: Formica AI helps companies get to know their customers better and develop risk management strategies accordingly by classifying customers according to their risk profiles and providing detailed analysis.
• Internal audit and regulatory compliance: Formica AI can ease the burden of risk management by facilitating companies’ internal audit processes and ensuring their compliance with legal regulations.