The streamlined dynamic within a comprehensive solution for real time payment fraud prevention

In our connected world where the access to knowledge and intelligence is democratized, fraudsters increasingly become more technologically sophisticated and organized, adapting their fraud techniques more quickly. 

So, it is more and more complicated to combat this risk that threatens the entire payments industry; henceforth evolving with new payments methods such as chip and PIN, mobile payments and immediate payments.

Nowadays, organizations need real-time capabilities to accurately detect fraud at scale and speed; to implement countermeasures quickly, with more control and transparency, and the streamlined capabilities to dramatically lower false positives.

Connectikpeople also talks about abilities to respond to newly identified fraud patterns by deploying new countermeasures in opportune time without taking down the system.

IBM has acquired IRIS Analytics, a privately held company specializing in real-time analytics to help combat payment fraud. 

Connectikpeople salutes this momentum that first goes beyond existing fraud detection techniques (constrained inter alia by the dependency on specialized “black box” models that can be hard to understand, explain, and adapt), to focuses on:

·        cognitive computing approach,

·        machine learning to generate rapid anti-fraud models,

·        ad-hoc models,

·        artificial intelligence,

With the goal to help organizations more accurately detect fraud at scale and speed and create a comprehensive solution for real time payment fraud prevention.