While the major credit card issuers adopt a plethora of fraud detection solutions, not enough attention is paid to the consequences of false positives (alerts resulting in genuine transactions being denied) and emerging fraud patterns.
As a result, the opportunity cost of preventing fraud often works out to be comparable to the fraud losses itself.
With the rapid increase in business and transactions moving online, fraudsters are devising more sophisticated means of committing credit card fraud. What if there a solution that can enrich the fraud detection solutions to help keep pace with this? What if there is an AI/ML based solution that can leverage the huge amounts of internal as well as external data to derive specific insights and help credit card issuers to tackle this problem?
By leveraging Infosys Nia™ the purposeful AI and automation platform, the application promptly ingests and transforms credit card alerts and transactions data, builds models, predicts fraudulent transactions thereby enabling automation-led decision-making in credit-card fraud detection. It implements adaptive self-learning to automatically learn from historical and ongoing transactions, data patterns and investigator’s feedback. It then automatically updates the models in near real-time in sharp contrast to conventional rule-based systems. The following are the features of the Nia Fraud Detection for Credit Cards application.
Accurately prioritizes fraud alerts and detects fraud, using prebuilt extensible data models.
Can integrate with case management systems for triaging, investigation and closure of alerts
Learns and retrains from past and ongoing data patterns.
Incorporates investigator’s feedback and updates ML models automatically on a regular basis
Gain insights into the fraud detection process through dashboard metrics and various other visualization insights.
Nia for Data – direct pipe from credit card alerts (Oracle, mainframe, Teradata pipe/API) and schema for data mapping.
Nia for ML – focuses on supervised learning, model explanation and model accuracy.
Nia Automation – auto-triggers case processing and alerts for investigators/business analysts/Operations team/IT.
Nia Fraud Detection for Credit Cards helps you improve the accuracy of fraud detection and effectiveness of detecting emerging fraud patterns.
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