IBM (IBM) Acquires Payment Fraud Analytics Firm, IRIS Analytics

Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here. IBM (NYSE: IBM) today announced that it has acquired IRIS Analytics, a privately held company specializing in real-time analytics to help combat payment fraud. Only 16 percent of banks polled in a recent global IBM Institute of Business Value study could detect fraud as it is attempted. Once new schemes were identified and confirmed, it is estimated that countermeasures typically require over four weeks to deploy1. Existing fraud detection techniques are constrained by the dependency on specialized “black box” models that are hard to understand, explain, and adapt. As the payments industry continues to evolve with faster, alternative and mobile payments innovations and the expanding use of chip & PIN, fraudsters have become more technologically sophisticated and…

Link to Full Article: IBM (IBM) Acquires Payment Fraud Analytics Firm, IRIS Analytics

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