Finanz Informatik Enhances Fraud Prevention with AI

Finanz Informatik GmbH & Co. KG has introduced an artificial intelligence (AI) based solution, KIWI, to strengthen fraud prevention in payment transactions.

The system, an acronym for "KI-Wissensintegration" (AI knowledge integration), aims to assist financial institution staff in combating increasingly sophisticated fraud schemes. Recent reports indicate a rise in phishing attacks in Germany, with financial accounts being a prime target.

Previously, payment transfers were automatically checked against predefined rules, with suspicious transactions escalated for manual review. KIWI now analyzes these flagged transfers based on 460 different aspects, assigning a risk score to prioritize cases for staff. This allows for a more focused approach on critical transactions.

The solution also features an automated release option for transactions that meet specific, predetermined criteria, reducing manual workload. KIWI enhances transparency by indicating factors that support or oppose a suspected fraudulent transaction, facilitating quicker identification and investigation, thereby aiming to minimize losses for both customers and financial institutions.