Credit Card Fraud Statistics in Switzerland Reveal Decline in Attempts

Zurich Reports Significant Drop in Credit Card Fraud Attempts

Despite the growing trend of digital transactions, Switzerland’s UBS Card Center has recorded a substantial decline in credit card fraud attempts over the past few years. The center attributes this success to its innovative use of artificial intelligence (AI) and machine learning technology.

FICO Falcon Platform Data Reveals Stabilization of Fraud Attempts

According to data from the FICO Falcon platform, which has been in operation for over 20 years, the number of attempted frauds has stabilized since 2017. This is a marked change from the continuous rise in attempts seen between 2000 and 2016. Analysts attribute this decline to various security mechanisms and technological advancements that have increased safety for credit card users.

UBS Card Center’s Fraud Detection Process

The UBS Card Center processes over 500,000 transactions daily, assessing each one against model profiles, rules, and known practices used by scammers. The system uses AI to examine card use at branches and other locations, triggering warnings if it detects inconsistencies. However, human intelligence plays a crucial role in the fraud detection process.

Human Input and Feedback Enhance Fraud Detection Accuracy

The center’s fraud team works daily to fine-tune the early warning system, making it more accurate through employee input and feedback. According to Marcel Drescher, Head of Fraud Services at UBS Card Center, the key to success lies in processing individual cases and feeding the right data into the system.

Outstanding Results: 84% Increase in Fraud Prevention Rate

The results speak for themselves: between 2015 and 2018, the fraud prevention rate increased by a staggering 84%. While not every suspicious case proves to be true, the center’s proactive approach has saved thousands of customers from potential losses.

Conclusion

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Switzerland’s UBS Card Center has successfully reduced credit card fraud attempts through its innovative use of AI and machine learning technology. The combination of human intelligence and technological advancements has resulted in a significant decline in fraud attempts, with an impressive 84% increase in fraud prevention rate between 2015 and 2018.