Denmark’s Banking Regulations Get Boost in Fight Against Fraud with AI-Powered Ensemble

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A groundbreaking new report by Nets and KPMG has shed light on how Danish financial institutions can leverage cutting-edge artificial intelligence (AI) and machine learning (ML) to detect fraud with unprecedented efficiency. The white paper, titled “Fighting Fraud with a Model of Models,” delves into the theoretical underpinnings behind Nets’ AI-powered anti-fraud engine, developed in collaboration with KPMG.

Unprecedented Efficiency

According to experts, this innovative approach can reduce fraudulent transactions by up to 40% on top of existing fraud prevention measures. This milestone has significant implications for banks, merchants, cardholders, and society as a whole.

Combining Human and Machine-Generated Information

“When you create a model of models, it’s clear that human and machine-generated information come together in a single framework to generate the most accurate ‘fraud score’ possible,” said Bent Dalager, Nordic Head of NewTech and Financial Services at KPMG Denmark. “By applying this next level of fraud monitoring and prevention, banks and merchants can take a significant step forward.”

Benefits for Banks, Merchants, Cardholders, and Society

The benefits of this AI-powered anti-fraud engine include:

• Reduces fraudulent transactions by up to 40% on top of existing fraud prevention measures
• Combats criminal activity and improves the customer experience
• Dramatically reduces financial losses

Overall, this innovative approach has the potential to revolutionize the way Danish banks and merchants approach fraud detection and prevention, ultimately making the financial system more secure and efficient for all parties involved.