IBM acquires German fraud detection firm IRIS Analytics

10 February 2016 IBM has acquired IRIS Analytics, a financial fraud detection company. The deal will see IBM considerably expand its client base, while for IRIS Analytics, the integration with IBM’s machine learning technologies with that of its own will improve the company’s ability to detect fraud while reducing false positives. Detecting bank fraud remains a key issue for many banks – according to a study by IBM only 16% of banks could detect bank fraud as it happened, with false-positives seen as a considerable hindrance to international regulations. The vast majority of banks require four weeks to deploy countermeasures to countermand the new and rapidly growing form of fraud. Current fraud techniques have considerable limitations as new technologies such as alternative and mobile payments innovations are taking hold;…

Link to Full Article: IBM acquires German fraud detection firm IRIS Analytics

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