IBM has introduced what it calls the next-generation system with an integrated artificial intelligence (AI) accelerator that promises to detect and prevent fraud, the New York-based tech company announced Tuesday (April 5)
Dubbed IBM z16, Big Blue said the feature was developed to allow customers to analyze real-time transactions for credit card, healthcare and financial transactions. In addition, it was crafted to protect against threats that might be used to crack encryption technologies.
“Operationalizing Fraud Prevention on IBM Z,” a recent IBM commissioned study by Celent, revealed IBM zSystems operate 70% of global transactions on a value basis.
“IBM is the gold standard for highly secured transaction processing,” said Ric Lewis, senior vice president of IBM Systems, in a statement. “Now with IBM z16 innovations, our clients can increase decision velocity with inferencing right where their mission-critical data lives.”
The tool, he said, creates opportunities to change the game in a variety of sectors so they will be positioned to deliver better customer experiences and more powerful business outcomes.
A survey by IBM and Morning Consult, “2022 IBM Global Financial Fraud Impact Report,” found credit card fraud is the most common type of scam among consumers in the seven countries surveyed. Respondents said banks and payment networks are responsible for preventing fraud. But fraud detections models operate on less than 10% of transactions, the study noted.
IBM said z16 combines artificial intelligence with secure and reliable high-volume transaction processing. The tool can process 300 billion requests daily. For consumers, this could reduce the hassle needed to handle fraud transactions on their credit card, IBM added.
Last fall, PYMNTS reported McDonald’s partnered with IBM to improve drive-thru lanes at its restaurants and automate the order-taking process.
Read more: McDonald’s Teams with IBM to Super-Size Drive-Thru Lane Tech
Under the agreement, IBM will acquire McDonald’s McD Tech Labs and boost the launch of its Automated Order Taking (AOT) technology.
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