A new white paper released by Nets and KPMG reviews how financial institutions can harness advances in artificial intelligence (AI) and machine learning (ML) to combat card fraud much more efficiently.
Fighting Fraud with a Model of Models, which is the title of the new white paper, explores the theoretical approach behind Nets Fraud Ensemble, an AI-powered anti-fraud engine developed in collaboration with KPMG. The anti-fraud engine can reduce fraudulent transactions by up to 40% on top of existing AI fraud prevention measures, for the benefit of banks, merchants and cardholders, as well as society in general.
"Creating a model of models has a clear advantage: by collating both human and machine-generated information in a single framework, it can generate the most accurate ‘fraud score’ possible. When applied, this next level of fraud monitoring and prevention means banks and merchants can take a big step forward. Not only does it combat criminality, it also markedly improves the customer experience and dramatically reduces financial losses," says Bent Dalager, Nordic Head of NewTech and Financial Services in KPMG in Denmark
Read the press release HERE.