- IBM recently acquired IRIS Analytics, a Germany-based company that specializes in preventing payment fraud through the use of analytics.
- Only 16% of banks polled could detect fraud in real-time, according to a recent study by the IBM Institute of Business Value.
- The acquisition is IBM’s first in 2016.
IBM hopes combining IRIS technology with their own counter fraud capabilities will help create real-time payment fraud prevention technology.
IRIS technology acts as a “virtual analyst” to help identify new fraud patterns, combining artificial intelligence and human experts to create adaptable interactive analytics, according to an eWeek report.
Banks often process millions of transactions per second, and payment fraud is at an all-time high, so financial institutions can use all the help they can get when it comes to detecting fraud quickly and efficiently.