Credit card fraud detection
Objective
A leading European Bank needed to improve fraud detection capabilities around credit cards
Challenges
- Detecting and preventing fraudulent applications
- Evolving sophistication of fraudulent activities
Approach
- Built an AI-based system that detects fraud in real-time.
- Used data analysis approach to create patterns of each client's behavior based on previous transactions.
- Enriched the information with third-party data such as geo data taken from the bank's mobile application.
Impact
- Enabled identification of fraudulent transactions from legitimate transactions
- Decreased operating costs with an AI-based automated approach to fraud detection
Questions