Brighterion and Elavon to Fight Fraud with Artificial Intelligence

Brighterion and Elavon to Fight Fraud with Artificial Intelligence
09.07.2019 01:19 pm

Brighterion and Elavon to Fight Fraud with Artificial Intelligence

Artificial Intelligence , Security , Fraud Detection

While the global implementation of EMV chip technology has reduced fraud activity for card payments, the payment’s ecosystem is still battling the threat of new and emerging fraud payment schemes online. Brighterion, a Mastercard company, and Elavon, a global payments provider and subsidiary of U.S. Bank, have announced they will work together to integrate Brighterion’s advanced artificial intelligence (AI) platform into Elavon’s network to minimize fraud and manage risk.

“The explosion of ecommerce has been matched with a rise in digital fraud,” said Ajay Bhalla, president, cyber & intelligence at Mastercard. “AI has proven itself critical in managing the complexities of today’s evolving world. We’re pleased to collaborate with Elavon as they take a leadership role in fighting fraud in the industry.”

With the ability to analyze nearly 100 billion transactions annually, Brighterion will enable Elavon to better discover and identify transaction anomalies, which helps mitigate risk and maintain the integrity of Elavon’s global systems.

“The increasing sophistication of fraudsters demands smarter, more nimble and innovative fraud tools that allow us to stay one step ahead,” said Tim Miller, senior vice president, global credit and risk, Elavon. “We look forward to bringing the strength and flexibility of Brighterion’s AI platform to our fight against fraud.”

In addition to Brighterion’s AI capabilities, Mastercard’s AI and machine learning technologies, such as AI Express, provide real-time intelligence across data sources regardless of type, complexity or volume. AI Express helps companies develop a tailored AI model and was designed to help address key business priorities, including anti-money laundering, fraud risk management, cyber security, credit risk prediction and operational efficiencies.

“Banks, processors and large merchants are rapidly adopting advanced machine learning technologies to combat fraud,” said Julie Conroy, research director for Aite Group’s Fraud and AML practice. “Our research shows that these technologies provide substantial lift in fraud detection compared to legacy rules-based systems, while at the same time reducing the false positives that can be so detrimental to the customer experience.”

The companies will work with merchants in the United States, Europe and Latin America to incorporate fraud monitoring into their systems.

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