European payments company Nets has teamed up with KPMG to create a new fraud monitoring and prevention solution.
The companies are working together to launch Nets Fraud Ensemble to combat the rise in fraudulent transactions, the total annual value of which reportedly reached €1.8bn in Europe.
Nets Fraud Ensemble is an AI-powered anti-fraud engine which assists fraud prevention teams to navigate the ecosystem in real-time. Machine learning capabilities identify emerging fraud indicators as well as established patterns.
The foundation of the new fraud solution consists of multiple models working in conjunction to analyse each individual transaction within milliseconds, blocking anything suspicious. It learns from results of its analysis and adjusts accordingly, which means the more transactions it blocks, the less false positives are made.
Clients will be able to reduce fraud as well as operating costs and chargebacks, while improving cardholder experiences.
Nets head of digital fraud, intelligence & research Sune Gabelgård said, “Although initiatives such as 3D-Secure have done much to make it more secure for people to shop online across Europe, the industry still faces challenges. Many issuing banks have focused on fraud prevention through consumer education, but the industry must also tackle the problem where it starts and where it is orchestrated by organised criminal enterprises: on the internet.
“Nets has significant and proven capabilities in fraud monitoring and prevention and has been utilising AI in this area for several years. Nets Fraud Ensemble takes this to the next level. It brings security and value to issuers, merchants and cardholders by blocking fraudulent card-present and card-not-present transactions in real time, creating a real societal benefit by keeping illegally obtained funds out of the hands of criminals. We look forward to our continued collaboration with KPMG to stay ahead of the curve and prevent fraud throughout the value chain.”
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