Three top banks employ Deep Labs’ platform to differentiate between transactions that are anomalies and those that are fraud.
Financial institutions are fighting the wrong war when it comes to credit card fraud, said Scott Edington, CEO of San Francisco-based Deep Labs.
Fraudulent transactions are expected to total $32 billion worldwide in 2019, according to Nilson. But banks should be paying more attention to false positive declines, Edington said.
False declines — payment-card transactions that are incorrectly flagged and canceled — led to losses of $331 billion globally in 2018, said Edington, citing a study by research and advisory firm Aite Group.