IBM Scoops Up IRIS Analytics Fraud Detection Firm

Anyone who has a credit card has probably experienced some sort of fraud over the last few years. I personally have had it happen several times and I am by no means unique. Today IBM purchased IRIS Analytics, a firm that helps banks detect fraudulent use of credit cards using machine intelligence.The company has been considering a product like this for some time, Bob Griffin, general manager for IBM Safer Planet told TechCrunch, and it went through the classic build/buy discussion. When the focus became acquisition, Griffin says that IRIS really stuck out. “We began looking at a variety of capabilities and that’s how we discovered IRIS Analytics. It’s a small company in Germany doing phenomenal things. [We felt] it was the best positioned and most effective technology offering around real-time payments and fraud…


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