Fighting Fraud with Artificial Intelligence: A Groundbreaking Approach

In a significant breakthrough to combat card fraud, Nets and KPMG have collaborated on a white paper that highlights the potential of artificial intelligence (AI) and machine learning (ML) in detecting fraudulent transactions.

Theoretical Approach Behind Fraud Detection

The report, titled “Fighting Fraud with a Model of Models”, delves into the theoretical approach behind Nets’ AI-powered anti-fraud engine, dubbed Fraud Ensemble. Developed in collaboration with KPMG, this innovative system is designed to effectively detect and prevent fraudulent transactions.

Advantages of the System

According to experts, the Fraud Ensemble can significantly reduce fraudulent transactions by up to 40% when used in conjunction with existing AI fraud prevention measures. This cutting-edge technology offers numerous benefits for:

• Financial Institutions: Reduced financial losses due to fraudulent transactions
• Merchants: Improved customer experience and reduced risk of fraudulent transactions
• Cardholders: Enhanced security and protection against card fraud
• Society as a Whole: A safer and more secure payment environment

Expert Insights

“Not only does this advanced fraud detection method combat criminal activity, but it also greatly improves the customer experience while dramatically reducing financial losses,” said Bent Dalager, Nordic Head of NewTech and Financial Services at KPMG in Denmark.