Cyprus-based COWIN launches Fynspot AI fraud detection platform

The Cyprus-based cybersecurity firm COWIN has unveiled Fynspot, an API-first Software-as-a-Service (SaaS) platform powered by artificial intelligence. The platform is designed to identify fraudulent transactions in real time while reducing the number of incorrectly declined legitimate payments, a common issue with traditional rule-based systems. Fynspot utilizes a combination of machine learning, behavioural analytics, and explainable AI to assign dynamic risk scores to transactions within milliseconds. By replacing static, predefined rules with adaptive models, the system aims to improve transaction approval rates and reduce revenue loss. According to Product Lead Pavlos Karasamanis, the tool seeks to balance robust security with a frictionless customer experience. The company stated that the platform processes hundreds of risk signals simultaneously to contextually evaluate each transaction. This move represents a transition away from legacy fraud prevention methods that often struggle with increasingly sophisticated online threats.