The ai Corporation combines Machine Learning, Exploratory Data Analysis and Impact Analysis to beat fraud, in industry first

The ai Corporation combines Machine Learning, Exploratory Data Analysis and Impact Analysis to beat fraud, in industry first
30.11.2017 11:14 am

The ai Corporation combines Machine Learning, Exploratory Data Analysis and Impact Analysis to beat fraud, in industry first

Artificial Intelligence , Payments

The ai Corporation (ai), an FCA approved expert in payment and risk management, today announced the addition of exploratory data analysis (EDA) and impact analysis functionality to its automated machine learning solution.

The enhanced learning functionality builds on ai’s award winning, self-service, fraud detection solution. Enabling more organisations to create an end to end, automated fraud strategy, and giving existing users the opportunity to test their entire fraud strategy, before production and deployment, in an industry first.

Dr. Mark Goldspink, CEO at The ai Corporation, says: “ai has raised the bar by combining EDA and Impact Analysis with our automated fraud detection solution. The combination is unique and provides our users with a self-service solution, which detects more fraud, reduces false positives and greatly improves back office efficiency for fraud strategy definition.

“Payment fraud is a growing global problem, with card fraud loss expected to rise to $45 billion by 2025. ai’s enhanced solution allows organisations to benefit from fully automated fraud detection, that compliments their existing systems. While helping them to become more profitable. Driving back-office efficiencies and reducing fraud losses.”

How ai combines EDA and Impact Analysis

EDA is the first process in the automated fraud strategy definition journey. EDA finds fraud hotspots and problem areas. Suspicious patterns can then be detected in a live system with ai’s SmartScore® model or SmartRule® rule set generator tools. EDA streamlines the manual data discovery task, finding fraud-rich data sets in hours, realising huge savings over the manual task/generator tools.

Impact Analysis shows how SmartScore® neural models and SmartRule® rule sets behave together in a safe offline environment, so the fraud manager can be assured of their performance. The tool enables fraud managers to quickly build, and test, new fraud strategies, without the threat of affecting fraud losses.

How ai’s machine-learning technology works

ai’s SmartSuite of machine-learning technology gives banks the power to automatically create effective fraud rules which can be implemented into any fraud platform, including ai’s rules engine RiskNet®. By using machine-learning, banks can automate their fraud prevention, mitigating ACH fraud regardless of how it is perpetrated including account takeover, ‘man in the middle’ fraud and/or social engineering.

SmartScore®, one of six products within ai’s SmartSuite, creates neural models using artificial intelligence and automated machine-learning techniques, to recognise patterns and trends in fraud. Providing transaction risk scores to be used in conjunction with user-defined rules.
 
With its unique multi-model capabilities, SmartScore® enables users to create Neural Models specific to a fraud type, customer segment or payment method, including ACH. By constantly refreshing the data available, SmartScore® provides an up to date and accurate risk score based on current trends, ensuring that RiskNet® or any third-party fraud platform users are not reviewing unnecessary alerts.
 

Related News

Synechron honoured at 2018 Markets Media Markets Choice Award for Best in Artificial Intelligence and Receives Rising Star Award

Synechron, the global financial and technology services provider, was awarded Best in Artificial Intelligence by Markets Media in its Market Choice Awards for “Neo,” Synechron’... Read more »

Appian and KPMG Apply Artificial Intelligence to Create Business Value

Appian and KPMG LLP today announce an expansion of their strategic alliance.

Read more »

Squirro Research Reveals Banks Believe Artificial Intelligence Can Have a Significant and Positive Impact on Their Business

The use of artificial intelligence (AI) and machine learning (ML) in financial services (FS) is on the rise, with 83% of banks having evaluated AI & ML solutions, and 67%... Read more »

FICO Amplifies Financial Crime Protection with New Suite of Solutions

At its FICO World 2018 conference in Miami Beach, analytics software firm FICO unveiled several solution upgrades that will help banks, lenders, fintechs and other institutions... Read more »

Artificial intelligence, global connectivity, and scarcity of resources – Titans or Networked? Leading procurement and supply management in contrasting business futures

The Chartered Institute of Procurement & Supply (CIPS)  has partnered with Aston University and the University of Liverpool to look at the future business landscape and... Read more »

Agorai to Democratize AI with the Launch of Integrated Marketplaces

Agorai, the only integrated marketplaces for Artificial Intelligence (AI) tools and the data assets that fuel them, today... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App