IBM says its acquisition of IRIS Analytics, a privately held company specializing in real-time analytics, will enhance its capacity to detect payment fraud.
As the payments industry continues to evolve with faster, alternative and mobile payments innovations and the expanding use of chip and PIN, fraudsters have become more technologically sophisticated and organised, adapting their fraud techniques more quickly, IBM says.
The financial terms of the deal were not disclosed.
[blockquote right=”pull-right” cite=”IBM”]Acting as a “virtual analyst” to help identify new fraud patterns, IRIS applies machine learning models to help analysts detect fraud and act quickly to help reduce fraudulent events.[/blockquote]