Danske Bank turns to Teradata for AI-powered fraud detection » Banking Technology

The AI has "already reduced false positives by 50%" Copenhagen-based Danske Bank has gone public on its deal with Think Big Analytics, the consulting arm of Teradata, to create and launch an artificial intelligence (AI) driven fraud detection platform. The announcement is all timed sweetly to be part of the Teradata Partners Conference 2017 (22-26 October), attended by Banking Technology and held in Anaheim, California. Teradata also revealed its new data analytics platform at the show – and unveiled two other initiatives – Analytics-as-a-Service and a new software portfolio. In terms of the engine, this uses machine leaning to analyse latent features, scoring online banking transactions in real-time to provide insight regarding true, and false, fraudulent activity. Nadeem Gulzar, head of advanced analytics, Danske Bank, says by using AI it has "already reduced false positives by 50% and as such have been able to reallocate half the fraud detection unit to higher value responsibilities".