Danske Bank Fights Fraud with Machine Learning and AI

Danske Bank is a Nordic financial services company that operates in 16 countries, serving more than 1,800 corporations and institutions, 236,000 small and midsized companies and 2.7 million personal customers. Starting in 2016, the bank saw an increase in fraud and, with that, an increase in transactions flagged as potentially fraudulent by the bank's rules engine. To reduce number of false positives--meaning legitimate payments flagged for verification--Danske Bank decided to enhance fraud prevention by applying machine learning (ML). The bank is also investigating applying deep learning (DL) to the problem. Executives wished to avoid commercial products and a siloed approach.