Computer security service iovation has launched machine learning, fraud detection system iovationScore. The new system, which is being tested in the United States, will be able to detect fraudulent transactions and identify suspicious activity such as money laundering or terrorist financing. iovation's CTO Scott Waddell said the system would also help "reduce friction" for existing customers, and "minimise resource-intensive manual reviews."
Computer security service iovation has launched machine learning, fraud detection system iovationScore. Based on big-data insights, collected over 12 years from 23 billion international online transactions, iovationScore's adaptive algorithms aim to provide users with risk-assessment data for online transactions. iovation's CTO Scott Waddell said the system would also help "reduce friction" for existing customers, and "minimise resource-intensive manual reviews."