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The ai Corporation Uses Machine Learning to Combat Fuel Card Fraud

by on September 1, 2017

Fuel card fraud is a very big problem all over the world. These problems can cause major financial losses for big corporations, to say the least. Managing these risks is not all that easy, especially when relying on traditional security solutions. The ai Corporation uses machine learning to bring this type of fraud to a halt. It is quite an interesting concept which may finally make a positive impact in this regard. Additionally, it showcases the versatility of AI and machine learning in the financial sector.

By developing a suite of self-service machine-learning products, the ai Corporation quickly makes a name for itself. More specifically, they aim to reduce fuel card fraud on a global scale. Issuers of fuel cards have noticed a major increase in fraudulent activities these past few years. The biggest threats include card copying, card swapping, and even skimming. Moreover, the goal is to prevent fuel card fraud before it can even take place. It’s not an easy task by any means, but machine learning can make a big difference.

ai Corporation is an Industry leader in Fraud Prevention

The team has extensive expertise when it comes to fighting criminal activity related to card schemes. Their proprietary AI and machine learning technology have saved businesses a ton of money throughout the years. Right now, their focus is on the fuel card industry. More specifically, the ai Corporation targets fraudulent activity across 40 countries around the world. This fraudulent activity also encompasses 150,000 locations and over 90 cards and product types. It is a massive undertaking, to say the least.

ai Corporation’s Risk and Client Service Director Matthew Attwell comments as follows:

“ai’s blend of fraud expertise and innovative machine learning technology has been proven to deliver stand-out benefits to the fuel card sector. In a sector that involves sophisticated issuing relationships, with high multiples of cards for a single customer account, machine learning has proven it can deliver the high degree of accuracy to match, and then beat, the fraudster.”

Giving fuel card retailers the opportunity to write their own rules is a big step in the right direction. Through the use of machine learning, retailers can automate fraud prevention and mitigating transaction fraud accordingly. Taking the fight to fuel card fraud operators is the best course of action, to say the least. The company also has its own rules engine, which goes by the name of RiskNet. This technology identifies any type of fraud through its own rule set. It is also widely acknowledged as one of the top solutions in the industry.

Header image courtesy of Shutterstock

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.
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