IBM has acquired a German company specializing in real-time analytics to help combat payment fraud.
IRIS Analytics provides a real-time fraud analytics engine that leverages machine learning to generate rapid anti-fraud models while also supporting the creation and modification of ad-hoc models, proven successful on various sized payment platforms.
Acting as a “virtual analyst” to help identify new fraud patterns, IRIS applies machine learning models to help analysts detect fraud and act quickly to help reduce fraudulent events.
IRIS serves to bridge the gap between expert-driven rules and traditional predictive modeling by applying artificial intelligence and cognitive techniques to partner with human experts in suggesting best fit analytics interactively, while testing and deploying models with real production data, as it happens and without downtime.
IRIS is in use by leading banks and payment processors throughout the world. For example, the French payment card switch: e-rsb, opérated by STET, utilizes IRIS for 5.5 billion annual credit and debit card transactions.
STET says with an average response time of less than five milliseconds per transaction even during peak periods when we are processing over 750 transactions per second, IRIS enables us to detect potential fraud without adding any notable overhead to its service.
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