IBM Augments Payments Fraud Capability, Acquires German Antifraud Technology Provider
Jan. 21, 2016
IBM has acquired a German antifraud technology company that will enable banks to recognize fraud in real time. Terms of the deal were not disclosed.
IRIS Analytics uses machine learning to help banks and other payment providers detect payment fraud quickly in a number of environments, including online and mobile. IBM inherits a real-time fraud analytics engine the nine-year-old company based in Koblenz, Germany deployed with acquirers, issuers, processors and PSPs in Europe and around the world.
“The cognitive computing approach unleashes a new paradigm in fighting fraud,” said Alistair Rennie, general manager of Industry Solutions for IBM. “By integrating IRIS Analytics with IBM’s counter fraud technology, we will help organizations 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 assists with dramatically lowering false positives.”