INETCO launches machine learning solution for fraud detection and prevention

Thursday 19 September 2019 06:48 CET | News

INETCO Systems, a specialists in real-time transaction data applications, has released INETCO Insight 7, a platform primed for instant detection of payment fraud attacks.

The platform offers real-time risk scoring and immediate isolation of suspicious transaction behaviour across ATM, POS, payment card issuance, and digital banking channels. The solution combines real-time payment data acquisition, a highly configurable rules-based alerting engine, and adaptive machine learning functionalities.

INETCO Insight 7 screens for transaction behavioural anomalies such as EMV fallbacks or reversal rates, high withdrawal velocity, abnormal numbers of high-value transactions, and suspicious repeat card usage at specific ATM or POS terminal locations. Payments data is continuously fed into a rules-based alerting engine and an adaptive machine learning model that examines transactions in real-time, rebuilds individual customer risk models, and extracts behavioural patterns from past card transactions that signal potential fraud.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: machine learning, fraud detection, fraud prevention, INETCO Systems, fraud attacks, ATM, POS, payment card issuance, digital banking
Countries: World