A year after announcing plans to collaborate with U.K.-based Featurespace to develop fraud-fighting tools with artificial intelligence and machine learning, Total System Services (TSYS) has rolled out a new offering that aims to predict new and unknown fraud types, while cutting back on “false positive" fraud warnings.
TSYS’ new Foresight Score uses machine learning to constantly adapt to changing fraud parameters, producing a risk-scoring tool financial institutions may use to more efficiently and accurately block fraudulent card transactions, TSYS said in a Monday press release.
The tool TSYS and Foresight developed is especially adept at spotting subtle variances from predicted human behavior because it uses Featurespace’s adaptive behavioral analytics platform, according to the press release.
The new tool may come in handy for issuers that have been blocking many legitimate transactions out of an abundance of caution, Pam Joseph, TSYS' president and chief operating officer, said in the release.
“We are certain that it will help our clients detect and prevent more transactional fraud while at the same time reducing false-positive alerts—helping increase revenue and improve operational efficiency,” Joseph said in the release.