Fraud and scams are essential problems that many financial institutions are dealing with and trying to overcome. These two aspects significantly influence the companies' revenues and income. According to the latest financial news, the solution has been found – an innovative AI that will help banks analyze all the financial operations and detect fraud in real-time mode.
Following the statistics, the industry lost around 32 billion dollars in 2021 due to fraudulent activities. And the problem was that it was impossible for the banks to run deep-learning algorithms in real-time because of the latency issues.
Under the present circumstances, approximately 10% of all high-volume transactions were checked by the anti-fraud algorithms and models.
And now, with the help of z16, the first quantum-safe system developed by IBM, it has become possible to increase the processing of high-volume transactions. This innovative AI solution has the power to process even more daily requests (300 billion) and has only one millisecond of latency. So, the shift is significant.
Ric Lewis, SVP at IBM System, left a comment:
"Now, with IBM z16 innovations, our clients can increase decision velocity with inferencing right where their mission-critical data lives."
Both sides (customers and merchants) will benefit from implementing this AI-based solution. The customers get the reduction of time and energy to handle fraudulent transactions, while merchants will be able not to lose their revenue.
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