Fraunhofer Software Identifies Credit Card Fraud More Efficiently

Researchers at the Fraunhofer Institute for Intelligent Analysis and Information Systems IAIS have developed new software called "MINTify rule" designed to enhance the detection of credit card fraud. The software rapidly analyzes large volumes of transaction data to identify fraudulent patterns that previously required manual review by bank employees.

Historically, banks have relied on "if-then" rules to prevent fraud. However, as the number of fraud cases has surged, this manual approach has reached its limits. "MINTify rule" can process up to one million transaction records per month, identifying the most suitable fraud prevention rules within approximately 30 minutes to an hour. The research team aims to further reduce this processing time to just a few minutes.

The software enables banks to balance security with customer experience by finding an optimal ratio between stopping fraudsters and ensuring legitimate customer transactions proceed smoothly. The identified rules are designed to be easily understandable, allowing bank staff to either validate them or activate them directly.

"MINTify rule" is already in use by several banks and a leading European payment processor, protecting millions of credit cards. Researchers see potential applications for the software in other fields, including medicine.