IBM Takes Over IRIS Analytics to Suppress Payment Frauds

By CIOReview | Wednesday, January 20, 2016

ARMONK, NY: In today’s world, mitigating fraud is a prime challenge for financial institutions. Banks and other financial institutions are constantly looking out for ways to safeguard their systems, data and customers. In that regard, IRIS Analytics, provides a fraud analytics engine that generates rapid anti-fraud models which helps analysts detect fraud and act quickly to escape the risks. The company bridges the gap between expert driven rules and traditional predictive modeling by applying artificial intelligence and cognitive techniques.

"By integrating IRIS Analytics with IRIS counter fraud technology, we will help organizations more accurately detect fraud at scale and speed so that they are in a position to implement countermeasures quickly, with more control and transparency, while at the same time assist with dramatically lowering false positives," said Alistair Rennie, General Manager, Industry Solutions, IBM.

The acquisition comes at a time when IBM is on the verge of transforming themselves into an enterprise that concentrates on cloud, big data, security and analytics. Bob Griffin, General Manager for IBM Safer Planet stated that one of the reasons for the acquisition was that IRIS Analytics uses a white-box model, which allows the customers to adapt to the situation themselves, when hackers try to steal their banking information. He added that IBM plans to integrate this white-box model on their digital innovation platform called Bluemix.

Acquiring IRIS Analytics enables IBM to create a detailed solution to prevent fraud payments.  With new methods being introduced in the payments sector, it has become more important for financial institutions to take strategic decisions regarding fraud payments.