Belgium’s Crelan Partners with IBM to Stay Ahead of Fraudulent Transactions Detection
As online transactions continue to surge globally due to the COVID-19 pandemic, fraudulent activities are also on the rise. Traditional methods of detecting fraud, such as relying on past patterns of behavior, have become increasingly ineffective in today’s real-time payment environment.
The Challenge of Detecting Fraud
A recent study by IBM Institute for Business Value found that it often takes over four weeks to discover a new fraud pattern, and another four weeks to adjust scoring engines. This delay can lead to significant financial losses and compromised customer trust.
Introducing IBM Safer Payments
IBM Safer Payments is a cutting-edge solution that applies artificial intelligence (AI) and machine learning to detect fraudulent transactions in real-time. This innovative approach enables card issuers and acquirers to optimize their fraud management, achieving higher fraud detection rates and lower false positive rates.
Benefits of IBM Safer Payments
- Generates best-fit rules for fraud analysts to use, optimizing existing models or building new ones in minutes
- Enables continuous monitoring of business performance and adaptation to new and modified fraud patterns
- Reduces reliance on external or data scientist dependencies
Crelan’s Partnership with IBM
In a recent agreement, Crelan, a leading financial institution in Belgium, partnered with IBM to integrate the Safer Payments fraud detection solution into its operations. This partnership underscores Crelan’s commitment to tackling transactional online fraud and monitoring its cashless online channels in Belgium.
Benefits of Partnership for Crelan
- Enables Crelan to stay ahead of emerging fraud techniques without relying on external or data scientist dependencies
- Provides analytics and simulation tools needed to continuously monitor business performance and adapt decision models to new and modified fraud patterns
Quote from Anne Fievez, Chief Information Officer at Crelan
“Fraud prevention requires constant attention to maintain a safe payments environment. That’s why we continue to invest in our technology landscape, leveraging artificial intelligence and machine learning to safeguard and protect our customers’ assets and interests.”
The Importance of Staying Ahead of Fraudulent Transactions Detection
According to IBM Financial Crimes Insights Leader Dominique De Coninck, the estimated losses from online payment fraud are expected to reach $48 billion by 2023, up from $22 billion in 2018. The partnership between Crelan and IBM demonstrates the importance of staying ahead of fraudulent transactions detection in today’s digital payments landscape.
Conclusion
In conclusion, the partnership between Crelan and IBM showcases the power of innovative technology in detecting and preventing fraudulent transactions. By leveraging AI and machine learning, financial institutions can stay ahead of emerging fraud techniques and provide a safer payments environment for their customers.