BNZ, IBM partner for cross-channel fraud prevention

Thursday 4 October 2018 13:27 CET | News

Bank of New Zealand has announced its partnership with IBM Safer Payments to intercept fraudulent activity before it happens.

IBM Safer Payments uses machine learning and artificial intelligence to analyse behaviour and fraud patterns, build and adapt models of emerging fraud threats, and recommend countermeasure responses. The partnership with BNZ is not only meant to intercept fraudulent activity, but also to ensure that customers’ transactions are not stopped in error.

IBM uses both financial and non-financial data together with a customer’s transaction history, to perform rigorous authentication and profiling on each and every transaction. Thus, fraudulent transactions are identified, allowing them to be stopped, or put on hold pending further validation. The solution also complies with all credit card scheme rules.

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Keywords: Bank of New Zealand, IBM, fraud prevention, cross channel, New Zealand
Countries: World