Nordic digital payments group Nets AS has announced the launch of its AI-powered ‘Nets Fraud Ensemble’ solution, co-developed in partnership with ‘Big-4’ auditor and financial services firm KPMG.
Working in tandem, the duo announces the launch of a ‘next-generation’ fraud prevention and comprehensive monitoring solution, customised for multi-market stakeholders needs.
Nets Fraud Ensemble is an AI-powered ‘anti-fraud engine’ developed to assists fraud prevention teams better at tackling diverse transactional threats and distinguishing compromises.
Sune Gabelgård, Head of Digital Fraud, Intelligence & Research, Nets, comments: “Although initiatives such as 3D-Secure have done much to make it more secure for people to shop online across Europe, the industry still faces challenges. Many issuing banks have focused on fraud prevention through consumer education, but the industry must also tackle the problem where it starts and where it is orchestrated by organised criminal enterprises: on the internet”.
Placing AI advancements at the heart of the fraud solutions development, Nets & KPMG have formed ‘extra layers’ of machine learning criteria aiming to provider business incumbents with a solution which can better distinguish between consumer engagements and actual fraud transactions.
Bent Dalager, Nordic Head of NewTech and Financial Services, KPMG, adds “In terms of tangible reduction of fraudulent transactions, Nets Fraud Ensemble is surpassing all other products currently available. The development of Fraud Ensemble and its state-of-the-art algorithms is the result of Nets’ and KPMG’s combined innovation capabilities, AI experience and fraud monitoring and prevention expertise. It’s a big step forward in the use of AI to fight fraud.”
