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- Supporting an international card issuer with AI-powered fraud prevention
Supporting an international card issuer with AI-powered fraud prevention
As part of VASS – a global leader in digital transformation, Zington contributes to cutting-edge solutions for its Scandinavian clients. In a recent project, VASS has improved Fraud Prevention for an international card supplier that handles more than 40 million transactions per day. VASS developed an AI solution which was trained with customer specific data, resulting in a 20 percent increase in fraud prevention while omitting 75 percent of false positives compared to rule-based approaches.
Challenge: Improve Fraud Prevention in Real Time Transactions
Cybercrime is constantly on the rise and banks need to find a way to increase fraud prevention while, at the same time, avoiding false positives that have a negative impact on the customer experience. Traditional rule-based commercial AML tools lack the capability to adapt to rapidly changing customer behavior. Modern banks need new solutions that can react to fraud based on data in real transactions from their own customer base.
Solution: Tailor-made AI solution based on your own real information
For the client, VASS has developed an AI solution that is trained with the client’s own data. The solution adapts over time to consumer habits and achieves significantly better results than traditional, rule-based approaches in preventing frauds and also keeps down the amount of false positives – legit transactions that are incorrectly identified as fraud. While producing significant value for the customer the solution is also a good example of what can be achieved by AI in general when trained with specific data, not only within fraud prevention but also in areas like risk analysis and customer segmentation.
Result: Higher Fraud Prevention, Lower False Positives, No License Cost
Our customer benefited in two main areas:
- A 20% increase in detected frauds, leading to a significant yearly cost saving compared to the previous commercial system
- A 75% decrease in false positives which blocks legit payments from going through.
With extensive experience in the banking and finance sector, we support clients like Fora and Handelsbanken with industry-specific solutions tailored to their needs.
