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Digital Identity, Security & Online Fraud

Galileo develops artificial intelligence capability for fraud prevention

Tuesday 27 March 2018 | 01:30 PM CET

Galileo, a US-based payments processor and program management company, has announce that it has developed an artificial intelligence capability for fraud prevention called Fraud AI.

With this new product, the company aims to boost fraud detection accuracy and reduce false positives to protect customers’ user experiences. Galileo states that clients using its rules-based, customizable Dynamic Fraud Engine experience fraud losses of approximately one basis point, on average.

Galileo has also opened its suite of APIs and sandbox to enable developers to experiment and test their creativity in a secure environment without signing an NDA. It has also created its cryptocurrency API to bridge the gap between cryptocurrencies and payments by enabling customers to deposit funds denominated in cryptocurrencies to their accounts.

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