IT Brief Australia logo
Technology news for Australia's largest enterprises
Story image

IBM looks to clamp down on payment fraud

By Catherine Knowles
Mon 18 Jan 2016
FYI, this story is more than a year old

IBM is investing in fraud detection analytics with its latest acquisition of IRIS Analytics, a privately held company specialising in real-time analytics to help combat payment fraud.

According to IBM, only 16% of banks polled in a recent global IBM Institute of Business Value study could detect fraud as it is attempted. 

Once new schemes were identified and confirmed, it is estimated that countermeasures typically require over four weeks to deploy, IBM says.

Existing fraud detection techniques are constrained by the dependency on specialised ‘black box’ models that are hard to understand, explain, and adapt, says the company.

As the payments industry continues to evolve with faster, alternative and mobile payments innovations and the expanding use of chip and PIN, fraudsters have become more technologically sophisticated and organised, adapting their fraud techniques more quickly, according to IBM.

IRIS provides a real-time fraud analytics engine that leverages machine learning to generate anti-fraud models while also supporting the creation and modification of ad-hoc models, proven successful on various sized payment platforms, the company says.

Acting as a ‘virtual analyst’ to help identify new fraud patterns, IRIS applies machine learning models to help analysts detect and reduce fraudulent events.

IRIS helps bridge the gap between expert-driven rules and traditional predictive modelling by applying artificial intelligence and cognitive techniques to partner with human experts in suggesting best fit analytics interactively, while testing and deploying models with real production data, IBM says.

"The cognitive computing approach unleashes a new paradigm in fighting fraud," says Alistair Rennie, IBM general manager industry solutions.

"By integrating IRIS Analytics with IBM's counter fraud technology, we will help organisations more accurately detect fraud at scale and speed so that they are in a position to implement countermeasures quickly, with more control and transparency, while at the same time assist with dramatically lowering false positives,” says Rennie.

IRIS is in use by leading banks and payment processors throughout the world.

"Defences against financial crime are in critical need of innovation and improvement," says Constantin von Altrock, IRIS Analytics chief executive officer.

"As the payments industry evolves with new payments methods such as chip and PIN, mobile payments and immediate payments, the ability for financial institutions to accurately make decisions about what is suspicious and what is legitimate before the payment is executed is required.

"The combination of IRIS technology with IBM's Counter Fraud capabilities creates a comprehensive solution for real time payment fraud prevention,” he says.

Related stories
Top stories
Story image
Recruitment
Thales on recruitment hunt for next disruptive innovations
"Recruiting new talent is part of Thales's belief in the power of innovation and technological progress to build a safer, greener and more inclusive world."
Story image
Cybersecurity
Palo Alto Networks' cloud security platform receives IRAP assessment
"We provide help protect all forms of compute, cloud native services and access to data within public and private sectors."
Story image
Apple
Jamf introduces new content filtering solution for education providers
Jamf has announced the launch of Jamf Safe Internet, a new offering that looks to deliver a safe online experience to students while offering better management options for admins.
Story image
Infrastructure
Video: 10 Minute IT Jams - An update from Paessler
Sebastian Krüger joins us today to discuss how unified infrastructure monitoring enables MSPs to seamlessly deliver services to their clients.
Story image
Infrastructure
New VMware offerings improve cloud infrastructure management
VMware has unveiled VMware vSphere+ and VMware vSAN+ to help organisations bring benefits of the cloud to existing on-prem infrastructure.
Story image
Voice recognition
Renesas and Cyberon expand services with voice recognition
“We are honoured to collaborate with Renesas to simplify the development of embedded voice recognition functions."
Story image
Artificial Intelligence
Siemens expands NVIDIA partnership for industrial metaverse
Siemens is expanding its partnership with NVIDIA to enable the industrial metaverse and increase the use of AI-driven digital twin technology.
Story image
Malware
Colt launches new SASE Gateway solution with Versa
Colt Technology Services’ customers now have access to an integrated full SASE solution that brings together SD WAN and SSE features.
Story image
Digital Fingerprint
Decline in counterfeit cherries after digital fingerprinting
Reid Fruits says there’s been a dramatic decline in counterfeit products for its cherries over the past three export seasons to Asia because of digital fingerprinting.
Story image
Artificial Intelligence
Juniper study reveals top AI trends in APAC region
Juniper's research shows an increase in enterprise artificial intelligence adoption over the last 12 months is yielding tangible benefits to organisations.
Story image
Artificial Intelligence
Salesforce announces new innovations for financial services
Salesforce has launched expanded financial services that offer more targeted and trusted automation to help teams unlock insights, deliver better customer service, and drive operational efficiencies.
Story image
Cybersecurity
Delinea’s Joseph Carson recognised with OnCon Icon Award
Delinea chief security scientist and advisory CISO Joseph Carson has been recognised as a Top 50 Information Security Professional in the 2022 OnCon Icon Awards.
Productivity
Discover the 5 ways your ERP may be letting you down. Is your current system outdated, difficult to manage, and costing you a fortune?
Link image
Supply chain
Discover the 4 critical priorities for wholesale distribution businesses in FY23. Are you worried about how supply chain issues may affect your business in 2023?
Link image
Story image
Metaverse
How the metaverse will change the future of the supply chain
The metaverse is set to significantly change the way we live and work, so what problems can it solve in supply chain management?
Story image
API
Industry-first comprehensive risk-based API security enhances protection
Application Programming Interfaces (APIs) have become a crucial part of operating web and mobile application businesses and are causing significant economic growth in the digital sector.
Story image
Cybersecurity
Without trust, your security team is dead in the water
The rise of cyberattacks has increased the need for sound security that works across any type of business, but with any change, buy-in is essential. Airwallex explains why.
Story image
Digital
Ivanti puts spotlight on power of employee digital experiences
The report revealed that 49% of employees are frustrated by the tech and tools their organisation provides and 64% believe this impacts morale.
Story image
Data Protection
Five signs your business is ready to move to the cloud
Many organisations are thinking about moving to the cloud. But what are the signs you are ready, and what are the reasons to move?
Story image
Artificial Intelligence
Eight top DevSecOps trends to support IT innovation in 2022
The use of DevSecOps practices is growing, as it is increasingly seen as the best way to produce high-quality and secure code. So what are the current trends?
Story image
Development
Intel Labs unveils integrated photonics research advancement
"This new research demonstrates that its possible to achieve well-matched output power with uniform and densely spaced wavelengths."
Story image
Microsoft
SAS wins Microsoft ISV 2022 Partner of the Year award
"We formed the SAS and Microsoft strategic partnership with a shared goal of making it easier for customers to drive better decisions in the cloud."
Project management
Discover the 4 crucial factors for choosing the right job-costing solution. Is your team struggling to cost jobs and keep projects running on budget?
Link image
Story image
Supply chain
Supply chains continue to be disrupted, enterprises embrace circular economy
“Businesses urgently need to find a solution that can help them to manage this disruption, and transition to a circular economy."
Story image
State Library of Victoria
State Library of Victoria entrusts Oracle support and security to Rimini Street
“Our finance team are very happy with the support and security that Rimini Street provides, which keeps our assets and our customers secure."
Story image
Cybersecurity
Tech and data’s role in the changing face of compliance
Accenture's study found that 93% of respondents agree or strongly agree new technologies such as AI and cloud make compliance easier.
Story image
Wiise
Four things wholesale distributors need to consider for FY2023
In a post-pandemic world, there are many things for a distribution business to juggle. ERP solutions company Wiise narrows down what companies should focus on.
Story image
IDTechEx
The next stage for 5G in thermal materials - IDTechEx
IDTechEx says higher frequency deployments, such as mmWave devices and very different station types such as small cells, present their own technological evolution and, with it, thermal challenges. 
Story image
Artificial Intelligence
Accenture shares the benefits of supply chain visibility
It's clear that gaining better visibility into the supply chain will help organisations avoid excess costs, inefficiencies, and complexity to ultimately improve their bottom line.
Story image
Enterprise Resource Planning / ERP
Five ways your ERP is letting you down and why its time for a change
Wiise explains while moving to a new system may seem daunting, the truth is that legacy systems could be holding your business back.
Story image
Cloud
BT builds on Equinix partnership with new cloud offering
BT has launched a next-generation cloud connectivity offering extending its global network into strategic carrier-neutral facilities (CNFs) and building on its existing partnership with Equinix.
PwC
WSLHD and PwC’s Consulting Business came together to solve through the challenges of COVID-19. A model of care was developed to the NSW Health Agency for Clinical Innovation guidelines with new technology platforms and an entirely new workforce.
Link image
PwC
PwC's Consulting Business and PwC's Indigenous Consulting are proud to play an important role in helping Australian Indigenous Mentoring Experience build IMAGI-NATION, a free online university for marginalised communities around the world.
Link image
Story image
Identity and Access Management
Ping Identity named a Leader in Access Management
Ping Identity has been named a leader in the 2022 KuppingerCole Leadership Compass report for Access Management. 
Story image
Manufacturing
Sutton Tools deploys Infor M3 CloudSuite for manufacturing
Sutton Tools has also implemented the Infor OS cloud operating platform, including Infor Intelligent Open Network and Mongoose.
Story image
Samsung
Monitors are an excellent incentive for getting employees back
The pandemic has taught us that hybrid working is a lot easier than we would’ve thought, so how can the office be made to feel as comfortable as home? The answer could be staring you in the face right now.
Story image
Amazon
What brands can expect from Amazon Prime Day in Australia
Amazon Prime Day is the annual two-day shopping event, kicking off this year from July 12-13 and is the global online shopping platform's biggest sales event. 
Digital Transformation
Discover the 5 signs your business is ready for a cloud-based ERP. Is your business being left behind as more of your competitors switch to the cloud?
Link image
Story image
Accounting
Four factors to consider when choosing the right job accounting solution
Progressive job-based businesses can achieve success by strengthening their ability to quantify every cost attributable to the delivery of an outcome for a customer.
Story image
Solutions
Progress launches latest version of network visibility solution
In Flowmon 12 network solution, Progress has expanded its support for public cloud provider flow log monitoring and launched new features.
Story image
Payroll
How New South Wales state departments achieved cloud migration success
State departments in New South Wales are heading to the cloud to achieve better workflow solutions, and one company is paving the way for their success.
Story image
SOTI
Australian consumers loyal to retailers who deliver speed and visibility
SOTI finds extensive order visibility and speed are the most important factors for turning one-off customers into loyal, long-term buyers.
Story image
Airwallex
How Airwallex helps businesses achieve globalisation success
As markets continue to shift, businesses need to be able to provide the same quality of service for customers regardless of where they are located around the world.
Story image
Research
New study reveals 51% of employees using unauthorised apps
The research shows that 92% of employees and managers in large enterprises want full control over applications, but they don't have it.