Refine Intelligence, a fraud resolution platform for banks, has announced its strongest quarter in company history, fueled by accelerating demand from financial institutions looking to automate alert resolution. Over the past 12 months, the company's annual recurring revenue (ARR) surged 364%, while the number of banks using its platform increased 4.5x.

The growth reflects a broader industry shift as banks respond to the rapid rise of AI-powered bank impersonation attacks, check fraud, and scams. The FBI's Internet Crime Complaint Center reported that Americans lost over $10.3 billion to fraud in 2022, with investment fraud and tech support scams driving significant year-over-year increases, and preliminary 2023 figures indicating losses continued to climb. Generative AI tools have further lowered the barrier for attackers, enabling more convincing phishing emails, synthetic voice cloning, and deepfake-assisted social engineering at scale. Financial institutions are increasingly adopting Refine's automated outreach and fraud alert resolution platform to replace manual reviews and phone-based investigations, which have become costly bottlenecks as alert volumes rise and fraud teams face persistent staffing constraints.

"Banks are ready to ditch phone calls as the primary fraud-related outreach, and replace slow, manual alert reviews with automated Fraud Resolution," said Uri Rivner, CEO and Co-Founder of Refine Intelligence. "Our record growth shows that making bank customers an active partner in fighting fraud simply works."

Q2 Product Milestone: Banks Stop Manual Alert Review

During the second quarter, a top 50 U.S. bank stopped reviewing fraud alerts manually for the first time. Instead, the institution processed those alerts through Refine's platform, resolving 87.5% of them automatically.

"Rather than engaging customers as the last resort, the bank made customer outreach the first step in the alert resolution workflow," Rivner said. "Results show that customers have regained trust in bank communications and have become active participants in fighting advanced fraud."

The results point to growing demand for scalable fraud resolution solutions as threats become more sophisticated and labor-intensive manual processes prove increasingly untenable for large financial institutions. The competitive landscape for fraud detection and response technology has expanded alongside this demand, with companies such as Socure, Sift, Feedzai, and BioCatch raising significant capital in recent years to address identity verification, transaction monitoring, and behavioral biometrics—areas that complement rather than replace the customer-facing alert resolution workflow Refine targets.