IBM has acquired IRIS Analytics, a privately-held company that specialises in real-time analytics to help combat payment fraud. IRIS Analytics was founded in 2007 and is headquartered in Urbar, Germany, about 100 kilometres north-west of Frankfurt.
From the press release:
"As the payments industry continues to evolve with faster, alternative and mobile payments innovations and the expanding use of chip & PIN, fraudsters have become more technologically sophisticated and organized, adapting their fraud techniques more quickly. IRIS provides a real-time fraud analytics engine that leverages machine learning to generate rapid anti-fraud models while also supporting the creation and modification of ad-hoc models, proven successful on various sized payment platforms."
Financial terms of the deal were not disclosed.
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