The Chicago-based Rippleshot monitors millions of transactions at merchants to spot suspect payments and breaches at the point of infiltration, and improves its analytics tools over time through machine learning, which can also identify cards that are more likely to see fraudulent activity.
Merchants and banks use Rippleshot's technology to spot fraud at the point of sale in stores, and the company is developing an online payments tool that will be released shortly.
Artificial intelligence is catching on with payment companies and financial institutions as a way to improve digital services and personalize marketing and customer service. It is also advancing as a security tool. Mastercard, for example, is using artificial intelligence to reduce the number of false positives in behavior-based fraud detection.
Innovate Indiana focuses on startups tied to alumni and other members of the Indiana University community. Yueyu Fu, an IU alumnus, is the founder of Rippleshot.