Nets, KPMG to launch AI payment fraud prevention solution

Wednesday 18 September 2019 00:37 CET | News

Nets has collaborated with KPMG to develop Nets Fraud Ensemble, a next-generation fraud monitoring and prevention solution.

One of the reasons for this partnership is the fact that as the total annual value of fraudulent transactions across Europe hits EUR 1.8 billion, the need to step up fraud prevention, particularly in card not present (CNP) transactions, has been raised. As such, Nets Fraud Ensemble is an AI-powered anti-fraud engine that assists fraud prevention teams to navigate this landscape in real time.

It deploys true machine learning, including a system that identifies emerging fraud indicators and established patterns. Nets Fraud Ensemble consists of multiple models working together to analyse each individual transaction within ten milliseconds – the time frame in which a transaction can be safely blocked. The solution learns from the results of its analysis and adjusts accordingly. This means that the longer that it is operational the more fraudulent transactions are blocked, and the fewer false positives are granted.

The solution also decreases operating costs and chargebacks, and to balance accuracy with customer convenience, issuers can implement customised decision thresholds to minimise false declines.

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Keywords: Nets, KPMG, partnership, launch, AI, payments , fraud prevention, transactions , fraud monitoring, AML, ML, chargebacks
Countries: World