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Since the origins, Humans needed some payment methods.
The first ones were not secured at all. They improved over time
but fraud and piracy as well. Protecting money
has more and more focus, but attacks too. Even in our modern fully secured
societies,
attacks are less visible but as critical as in the past.
Let's review now two different situations:
Sally and Roger are celebrating their twenty years wedding anniversary
with a travel to a paradise island. After a day on the beach,
Roger takes Sally to the finest gourmet restaurant for dinner.
Roger uses credit card to pay the bill,
his bank received the payment request, but the amount is high
and comes from a country known for frauds. The bank
assumes Roger credit card was stolen and decides to refuse the payment.
What a bad situation for Roger. What
if Roger bank had been equipped with modern technologies ?
Let's review now the story of Mary and John live in a range.
John travels frequently in foreign countries and while in the business trip
he decides to purchase a ring as a present for Mary. The payment request
arrives in the System of John's bank which leverages the latest Netezza
technology.
How does the process work for payment ?
The power of the DB2 request accelerator allows to extract John's payment history
in just a few milliseconds. The bank then analyzes John historical payments
and detects potential anomalies. All of this, in real time.
John's bank detects that he travels abroad regularly
and that he does many types of expenses while traveling. The system then compares
these behaviors to other customer spending profiles
or known fraud patterns. The analysis is positive
and payment could be approved. However we detect that John buys jewel from time to
time but never
in a foreign country. The bank needs to take a decision quickly to approve or
reject the payment.
If rejected there is a high risk that John will be frustrated
If the card was effectively stolen and we approved a request
we will lose money associated with this fraud. As a second verification step,
the bank's payment system asks John to validate the payment using biometrical
authentication.
While in the store John receives, on his smartphone,
a notification to confirm his payment using facial-recognition.
The algorithm analyzes John facial biometrics
and compares them with his recorded biometric profile.
In case of a positive match, the bank authorizes the payment
with high security and increase customer satisfaction. Mary will be very pleased.
You want more information? Contact our Smarter Banking team
in the IBM Client Center, located in Montpellier, France
We will be very pleased to arrange for a live demonstration
or to work with you on other banking topics
or industry solutions. See you soon !