Number26 snags AI fraud detection funding

  German digital only bank Number26 has landed a €700,000 subsidy from Investitionsbank Berlin’s (IBB) Pro FIT project financing programme. The cash will be used to further the research and development of a new, proprietary fraud prevention system, using Artificial Intelligence to analyse factors like spending history, movement patterns and merchant data. For example, if a MasterCard is stolen and later used, situation-specific scoring is used to prevent fraudulent transactions. “The smartphone helps us to make banking even safer,” says Christian Rebernik, CTO of Number26. “We use real-time Artificial Intelligence to rate the likelihood of card misuse, thus reducing the risk of fraud. Artificial intelligence means that the system continually gets smarter based on each successful instance of fraud detection.” The subsidy comes days after the new entrant raised $40 million…


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