Payments processor Galileo has launched Fraud AI, a new fraud detection data point powered by artificial intelligence (AI) technology.
The addition of Fraud AI capability will increase accuracy and precision of the company’s existing fraud detection services.
The company claims that the new feature will further slash its fraud loss average of one basis point, 80% below industry average.
The Fraud AI has been developed using the firm’s technology and employs machine learning to identify fraud patterns that were previously undetectable.
It detects and remembers developing patterns and utilises these learnings to prevent future transactions that would exhibit those patterns.
The capability is designed to self-improve its algorithms with analysis of more data to ensure detection of any emerging patterns of fraud.
Galileo Processing president and CEO Clay Wilkes said: “Fraud AI delivers payments’ and fintechs’ most accurate artificial intelligence for fraud.
“It is the culmination of our 12-year, multi-million-dollar investment in data science and innovation to deliver the best tools to protect our clients’ profitability.”