IBM will strengthen the fight against cyber fraud using IRIS Analytics technology

IBM acquired a private company IRIS Analytics . The field of activity of this company is specific - the fight against fraud in the field of electronic payments. The company's technologies allow analyzing data on payments in real time, which helps to identify problem areas.

Now, according to IBM, only a small fraction of banking organizations (about 16% of banks) are able to detect various cases of fraud in real time. And even after the problem is localized and confirmed, the bank needs about a month to take appropriate measures. As a result, fraudsters are faster and begin to work on a new scheme before the information security specialists of a particular banking structure have eliminated the old one.

IRIS technology allows you to detect new cases of fraud with high efficiency, because it uses the cognitive capabilities of the system. In addition, IRIS supports the creation of new and modification of existing templates for various payment platforms. It uses both predictive modeling and cognitive technologies, plus artificial intelligence. The system offers specialists real-time analytics online. At the same time, companies that switch to a new technology will be able to detect fraudulent operations as soon as they are launched by attackers. The cognitive machine IRIS detects fraudulent transaction patterns and acts as a “virtual analyst” to determine suspicious activity.
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For example, if you are in the US, and the system notices that money is being withdrawn from the card in Russia, the system marks such an operation as suspicious. If suspicious operations are repeated in any region or with a group of cards, the system also lets the information security specialists know about it.

“The approach based on cognitive calculations allows to implement a new paradigm in the fight against fraud. By integrating IRIS Analytics technology with IBM Counter Fraud technology, we will help organizations identify fraud cases at the required scale, with high efficiency and with a minimum percentage of errors, so that they can implement necessary countermeasures with higher levels of control and greater transparency in a timely manner, ”said Alister Rennie (Alistair Rennie), Head of IBM Industry Solutions.

Now IRIS technology is used by banking structures and payment systems all over the world. For example, the interbank e-RSB authorization network, which is managed by STET, works with IRIS, carrying out 5.5 billion credit and debit card transactions per year. “By providing an average response time of less than 5 milliseconds per transaction, even during peak periods, when we process more than 750 transactions per second, IRIS enables us to detect potential fraud without any additional cost to our service. In addition, we can successfully respond to newly discovered fraud schemes by implementing new countermeasures within a few hours, without shutting down the system, ”says Pierre Juhen, Deputy Chief Executive Officer of STET.

In Russia, IRIS technology uses many large banks. For example, Tinkoff Bank is a structure that operates mainly in the online environment.