Fighting fraud with Artificial Intelligence
To stay ahead of potential scammers, EnterCard uses an anti-fraud system based on artificial intelligence (AI) which imitates the human brain.
Developed by the American company FICO, it is one of the world’s most powerful fraud protection systems. It catches eight out of ten fraud attempts before it comes to the customer’s attention.
How does it work?
This system uses advanced algorithms that gather data continuously. It uses this data to learn. The more data it collects, the better it gets at recognising patterns.
When a transaction goes through, the system analyses the data. It then considers the nature of the transaction compared to the patterns it already knows. Based on its knowledge, it determines if it is a fraud attempt or a legitimate payment. In 40-50 milliseconds, it has calculated this decision. That is six times faster than an eye blinks.
This whole process is inspired by the way neurons stores knowledge through connections to other neurons.
What is the advantage in using artificial intelligence in fraud surveillance?
The advantage in using artificial intelligence for fraud surveillance is the speed. In addition, these algorithms continuously develop and increase their skill in catching abnormal transactions. FICO has a big network with access to billions of transactions all over the world. This means that the system is fed with loads of data, training it to become more advanced by each transaction.
Because systems based on artificial intelligence can detect new trends by themselves, they can adapt when new forms of fraud emerge.
With competent employees, strong partners and the best systems, we do the best we can to keep our customers safe.