IBM is adding another firm to its growing arsenal of data analytics assets. IBM this week has acquired IRIS Analytics, a Germany-based provider of software for detecting payment fraud in real-time, investigating fraud cases, and modelling a company’s response to a fraud event. IBM said the deal will boost the company’s analytics and counter fraud technology portfolio. Financial terms of the deal were not disclosed.
Founded in 2007 and based in Koblenz, Germany, IRIS Analytics develops fraud prevention solutions, including a platform which supports real-time fraud scoring across electronic payment channels. The company uses cognitive computing models to identify and combat payment fraud.
IRIS Analytics is an extremely powerful data analytics platform that processes and analyzes large amounts of network and non-network data to uncover timely and intelligent insights. The company's platform is used by leading banks and payment processors throughout the world. It's technology allows fraud countermeasures to be deployed faster than existing techniques, which relies on "black box" models.
Constantin von Altrock, CEO of IRIS Analytics, said in a statement: "Defenses against financial crime are in critical need of innovation and improvement. As the payments industry evolves with new payments methods such as chip and PIN, mobile payments and immediate payments, the ability for financial institutions to accurately make decisions about what is suspicious and what is legitimate before the payment is executed is required.
The combination of IRIS technology with IBM's Counter Fraud capabilities creates a comprehensive solution for real-time payment fraud prevention."
IRIS Analytics is IBM's first move into the anti-fraud space, and also it's latest acquisition this year. In September 2013, it acquired Israel-based anti-fraud specialist Trusteer, which specialized in monitoring financial services and online banking. And last year, it launched its real-time fraud detection tools called Counter Fraud Management Software, building on its previous acquisitions of Cognos, SPPS, i2 and FileNet.
The company hopes that IRIS’ new "cognitive computing" will allow it to speed up and scale up its fraud detection systems, allowing its customers to respond more rapidly.
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Monday, January 18, 2016
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