UK-based Future Route is releasing a new card fraud detection system, iHex, based on artificial intelligence technology developed at Oxford University's computing laboratories for bio-informatics.The product has been designed for use by financial services firms, government agencies and corporations.
IHex detects fraud using Inductive Logic Programming (ILP) techniques - an artificially intelligent method of identifying fraud patterns and anomalies. The vendor says unlike many other pattern detection products, the system automatically generates and continuously enhances underlying rules.
Stephen Cole, CEO and Founder of Future Route, says: "The creation of these machine learning algorithms took 10 man years of research and development time. After we acquired an exclusive license for the technology, we spent a further 15 man years improving accuracy, usability and scalability to ensure performance in a commercial environment."
The system will help firms identify fraudulent credit card transactions; detect fraudulent applications; reduce the cost of identifying and creating rules; identify and protect against flash fraud; reduce false positives; continuously check for internal fraud or unusual events and detect anomalies in account transactions.
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