Nia Fraud Detection for Credit Cards is an AI/ML based business application, which can non-intrusively supplement a credit card issuer’s existing systems to prioritize alerts for fraudulent transactions. It reduces false positives and accurately detects fraud in credit card transactions, thereby reducing cardholder churn, revenue leakage and operational costs.
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?