As banks go digital they face new levels of fraud, or fraud threats that have to be checked at very high speed. Often the major cost is turning away good business because fraud detection is too restrictive.
With machine learning solutions, Danske Bank reduced false positives by 35% and boosted the detection of true positives, actual fraud, at roughly the same percent. According to Nadeem Gulzar, head of global analytics at Danske, when the bank added deep learning the numbers almost doubled to a 60% reduction in false positives and a 50-ish improvement in detecting actual fraud.
In order to implement the anti-fraud solution, Danske Banks has partnered with Think Big Analytics, a Teradata company.
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