These systems rely on split-second artificial intelligence and transaction data to detect and prevent fraud before it can take place. The subsidy from IBB serves to further the research and development of a new, proprietary, worldwide new fraud prevention system.
The system uses artificial intelligence to analyze factors like spending history, movement patterns and merchant data to prevent fraud before a transaction is booked. For example, if a MasterCard is stolen and later used, a situation-specific scoring takes place which is used to prevent fraudulent transactions.
The Pro FIT program by IBB is supported by the European fund for regional development. It aims to intensify research, development and innovation in the Berlin economy.
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