AI hot on the trail of credit card fraudsters
The UBS Card Center in Switzerland is using artificial intelligence (AI) and machine learning to significantly reduce the number of fraud cases involving credit cards. The company has now received an award for its innovative security software.18 Aug. 2019 Roland Freist
UBS Card Center AG won the “Security Innovation of the Year” award at the Retail Banker International Awards in London. The company received an award for developing a software system that reduces credit card fraud. The UBS Card Center uses machine learning as well as several AI technologies, such as adaptive analytics, leveraging the results of current fraud investigations to continually adapt the underlying neural networks to the latest technologies being used by fraudsters. Based on US software company Fico’s Falcon platform , the complex technology helped the Card Center stop around 84% more fraudulent transactions in 2018 than in 2015.
UBS Card Center is a subsidiary of the major Swiss bank UBS, acting as its card service provider while also providing its services to other banks. The company has a market share of around 25% of Switzerland’s processing of credit card transactions. Fico had already honored it with the Decisions Award for the world’s best fraud control in 2017.
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