Oscilar announces development of first-ever generative AI offering to combat fraudulent online transactions

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Aug 10, 2023, 09:00 ET

Fraud prevention and security expert Saurabh Bajaj joins company as Chief Product Officer

MENLO PARK, Calif., Aug. 10, 2023 /PRNewswire/ -- Oscilar, the AI fraud detection company, today announced that it is developing an industry-first generative AI risk decisioning offering that will enable companies to make fraud and risk-related decisions with greater velocity and precision. Targeted for fall, this advancement in Oscilar's capabilities positions the company to become the first generative AI risk management company.

To accelerate the company's generative AI development, Oscilar has hired Saurabh Bajaj as its new Chief Product Officer. Bajaj brings extensive experience in the fraud and risk prevention space, previously holding executive leadership roles at F5 and Feedzai.

With this generative AI advancement, in the coming months Oscilar's customers – which include dozens of fintech and financial institutions – will be able to harness the power of generative AI to more effectively manage risk across every customer touchpoint. By integrating Oscilar AI, state-of-the-art LLMs, and Oscilar's risk operating system, the company will offer customers the ability to unify data sources to power a 360-degree view of the user's risk profile and create a cognitive, context-aware methodology for smartly and quickly assessing risk.

"This next step for Oscilar will provide our customers with the most precise and seamless tool for stopping fraud. We've poured countless hours into developing this advancement because we think generative AI is critical to making the internet safer," Oscilar Co-Founder and CEO Neha Narkhede said. "With this evolution of Oscilar, we'll offer companies' risk operators cutting-edge tools that use the most up-to-date data and can provide detailed and accurate recommendations. These risk leaders will treat Oscilar as their trusted assistant, providing real-time insight into data trends and contextual information so that they can make informed decisions and spend time on proactive risk mitigation, without being bogged down by manual work."

Bajaj joined Oscilar in May and has been spearheading the development of Oscilar's generative AI powered products. Prior to Oscilar, Bajaj held executive leadership positions at F5 and Feedzai, where he developed products that made digital experiences safe and fast. He drove the adoption of machine learning operations (MLOps), OpenML, AutoML, AI Explainability, and Human Centered AI capabilities in Fortune 500 companies, transforming how organizations build and operate ML models at scale.

"To keep pace with the rapid advancements in AI, we need an exceptional team. We are thrilled to welcome Saurabh – an executive who has successfully built and scaled fintech and security unicorns, and who brings highly relevant experience in fraud prevention, real-time machine learning, generative AI and LLMs," Narkhede said. "With Saurabh leading our product team, we're able to build the world's first generative AI risk management offering – something that will change the landscape of managing fraud, credit, and compliance risks."

"Oscilar was already changing how companies assessed their risk – and by doubling down on generative AI, Oscilar will become the first generative AI risk decisioning company," Bajaj said. "I'm excited to work with Neha, Sachin, Karthik, and the Oscilar team – they bring humility, passion, and vision to this critical problem space."

Learn more about Oscilar's Generative AI vision for Risk Decisioning by visiting http://oscilar.com/lp/gen-ai.

About Oscilar
Oscilar was founded in 2021 by Confluent Co-Founder Neha Narkhede and former Facebook engineering executive Sachin Kulkarni. The company, comprised of a team that created advanced risk management platforms at Apple, Uber, and LinkedIn, has rapidly gained traction since emerging from stealth in April. With $20 million in funding from the company's two co-founders, Oscilar has attracted dozens of fintech customers, including Flexcar, Super, Finsync, Slope and more.

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SOURCE Oscilar