HectoFinancial Detects Abnormal Transactions 24/7 in Real Time with Proprietary Financial AI

Fintech company Hecto Financial announced on the 21st that it will launch an AI-based financial monitoring service that quickly responds to anomalies in online payment systems.

The machine learning-based AI anomaly transaction detection system, developed in-house and recently introduced to its PG service (electronic payment), monitors all transaction details in real-time 24/7. It immediately sends alerts when abnormal transactions occur, such as unusual increases or decreases in transaction volume or errors, providing a safer financial environment.

Hecto Financial will showcase this leading payment service and AI-powered customer services at Korea Fintech Week 2024, the largest domestic global fintech industry expo, together with its affiliate company, QOffice. Combining over 20 years of financial system operation expertise with AI technology, the two companies are developing customized AI services that meet client needs and expanding partnerships.

At this event, Hecto Financial and QOffice will demonstrate AI-powered services under the theme "Meeting AI Managing in the Payment Process," including the machine learning-based AI anomaly transaction detection system “AI MON,” and the customer in-depth interview (IDI) analysis service “SmartQ,” which utilizes ChatGPT-4. QOffice is a software testing specialist company that provides automated solutions such as QA (Quality Assurance) for maximizing product completeness and monitoring for smooth operations to e-commerce, fintech, healthcare, and gaming companies.

“AI MON” is a monitoring service where an AI server trained on transaction data analyzes payment traffic to detect abnormal transactions. It monitors all transaction details in real-time 24/7 and sends immediate alerts when abnormal transactions occur, such as excessive fluctuations in transaction volume, transaction errors and success rate changes, or repeated identical errors, helping to respond swiftly to payment errors or crimes.

“SmartQ” is a service specialized in analyzing and summarizing in-depth interviews. It analyzes feedback from users participating in in-depth interviews (IDI) and summarizes the content by pre-trained categories. In actual business application, the data analysis time for interviews with 10 participants was reduced to one-sixteenth. QOffice is actively utilizing SmartQ to save time and costs for clients, including applying it to new game development projects at major domestic gaming companies.

Jung Woo-sung, Executive Director of Marketing at Hecto Financial, said, “Hecto Financial is advancing as a global fintech company leading the online payment and settlement sector with high service reliability and stability. Through Korea Fintech Week, we will introduce financial solutions applying the latest AI technology and continue to provide safer and more convenient financial environments to merchants.”

Korea Fintech Week is the largest domestic fintech event held annually since 2019, hosted by the Financial Services Commission and organized by the Korea Fintech Support Center. This year’s event will be held at Dongdaemun Design Plaza (DDP) from the 27th to the 29th of this month under the theme “Opening the Future of Fintech, AI, and Finance,” sharing global trends in AI and fintech technologies and envisioning the future financial ecosystem.

This content was produced with the assistance of AI translation services.