TSYS launches fraud prevention tool that learns
Global payments provider TSYS announced June 12 it has launched TSYS Foresight Score with Featurespace, a fraud-prevention and risk-scoring product that integrates artificial intelligence, enabling the software to learn and improve its ability to detect fraudulent behavior while reducing false positives, the company says.
TSYS developed Foresight Score with Featurespace, a U.K.-based provider of adaptive behavioral analytics and creator of the ARIC platform, a learning software system developed at the University of Cambridge.
Foresight Score captures data in real time and can be used to predict customer behavior and immediately score individual transactions, according to TSYS. Foresight Score uses machine learning and behavioral profiling of monetary and non-monetary data to detect anomalies down to the customer level, which means it can spot fraud the moment it occurs.
Total fraud losses incurred by financial institutions and merchants are expected to reach $31 billion by 2020 on all types of payment cards, according to The Nilson Report, and many companies are developing or implementing solutions to tighten up security related to e-commerce and banking.
For example, CO-OP Financial Services and Feedzai, which specializes in AI for payments applications, have partnered to develop solutions to address fraud at any transaction volume. Intellicheck is working with a major U.S. bank to provide its ID authentication and fraud prevention products at brick-and-mortar retail stores and during online transactions. Also, Fiserv Inc., a financial services technology provider, launched SecureNow in May, a centralized, real-time cybersecurity platform for digital financial services.