How have AI chatbots revolutionised the consumer digital banking experience ?
and avoid steep penalties .
Dr Scott Zoldi : Real-time anti-fraud systems are developed around the concept of behaviour analytics . These specialised analytics focus on defining realtime recursively updated anti-fraud features , where the state of the feature is only updated based on the previous estimate and current transaction .
Commonly known as real-time transaction profiles , these profiles contain sets of recursive variables that are retrieved when a new transaction is received , updated and then a neural network combines the various profile variables into a score used to determine whether to block the transaction for fraud .
The types of real-time profile variables include usage anomaly variables such as acceleration in spend or frequency of transactions , collaborative profiles which quantify the likelihood of a future transaction and behaviour sorted lists which track favourite repeated recurrences in the past history such as favorite merchants , ATMs , destination account and the like to establish what normal for the individual to reduce false positives . All this is done in real-time to establish safety in real-time payment systems .
194 November 2024