Today, ICC is announcing a new offering powered by IBM Counter Fraud Management and ICC Analytics to enhance real-time fraud detection for real-time payments. The ICC solution, available for proof-of-concept and immediate deployment, provides safer and faster digital payments at a lower cost and footprint than alternative offerings.
As the first Americas-based, certified partner for IBM Counter Fraud Management technology, ICC uses our existing analytics platform including machine learning to provide real-time detection, scenario suggestions, and immediate counter-fraud deployment.
The U.S. is moving toward real-time payments processing by adding a new real-time processing “rail,” or system, for payments to travel over. That evolution brings additional needs for real-time fraud detection to prevent loss and preserve the customer experience when moving cashless payments in real-time.
Modern cyber criminals use technology to systematically probe defenses and rapidly scale episodic attacks to exploit vulnerabilities. These new attack techniques go unnoticed by current first-generation systems.
ICC’s new offering can help spot new patterns and deploy counter measures quicker, which will have a big impact on reducing losses.
“After working for the past three years on Federal Reserve Payments Improvement initiatives, I knew real-time fraud detection would be a key ingredient in maintaining confidence in the U.S. payments system,” says David Jackson, Payments Principal, ICC. “This new real-time fraud detection solution drives us as leaders in bringing security and speed to digital payments for enterprises.”
ICC is leveraging real-time fraud detection and anti-money laundering (AML) work from financial services and applying that knowledge in use cases for several industries. These include financial services, retail, ecommerce, and beyond. With this solution our clients can greatly reduce false positives entered into your existing case management system when handling payment transactions.
Modern machine learning techniques help teams build higher quality models on more data and adapt as patterns change. At the same time, those techniques must be easy to use and transparent to understand. ICC’s new offering delivers on both counts.
Using a machine learning approach along with automatic learning from past data and experiences, the ICC Analytics solution generates easily readable rules and scenarios built on decades of human experience in creating behavior profiles and fraud prevention scenarios. The solution also can incorporate existing fraud models from other systems that may already be in use.
The ICC real-time fraud detection solution enables new and revised models using considerably less data while rendering faster model update cycles. This results in higher fraud detection rates at drastically lower false positive rates.
For more information and details contact David Jackson at email@example.com.