IBM Purchases Fraud Analytics Firm

It appears that International Business Machines Corp.(NYSE:IBM) wants to join the crusade against payments fraud. In order to support its altruistic ambitions, IBM announced today that it would be buying out payment fraud analytics firm IRIS Analytics for an undisclosed sum. IRIS Analytics, established in 2007, has its headquarters based in Urbar, Germany. The company facilitates payment service providers, switches, issuers and payment processors, by providing detailed analysis and steps to undertake in response to unanticipated fraud. The payment industry continues to emerge at a rapid rate and scammers are becoming more technologically advanced, enabling them to adopt complex fraud techniques. According to an official press release by IBM, around 16 percent of banks, surveyed by IBM’s Institute of Business Value, have capabilities to identify payment malpractice as soon as…


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