PULSE, the debit/ATM network that operates as a Discover Financial Services company, said in a press release that it has adopted the FICO Falcon Platform to bring new fraud detection services to its network of more than 4,100 debit issuers.
In deploying the FICO Falcon Platform, enhanced fraud detection and blocking capabilities are made available to issuers, PULSE said. Among the features is real-time scoring.
FICO said the platform detects potential fraud while remaining invisible to the consumer during legitimate transactions.
The FICO platform serves as the foundation of the DebitProtect fraud detection service, said PULSE.
In terms of mechanics, the new case management functionality helps issuers reduce costs by assisting them in accurately managing groups of compromised cards. The platform also helps allow — or restrict — transactions for individual or multiple accounts. The result is that PULSE is able to offer customized fraud blocking rules for its issuers, and the rules can be implemented with greater speed than had been seen before.
“In this era of digital commerce, criminals constantly work to beat the system, so the system has to work equally hard to keep up,” said Dave Schneider, president of PULSE, in the release. “With the Falcon Platform and its team of experts, we have the flexibility and capacity needed to create and launch new fraud-detection and risk-mitigation services that are benefiting our issuers today, and we have a foundation we can build upon into the future.”
In its 2019 Debit Issuer Study, PULSE said debit transactions have seen an accelerating growth rate, from 5.3 percent in 2017 to 6.7 percent in 2018, reaching an estimated 68.5 billion transactions. The rise, according to PULSE, has come in tandem with a sharp increase in card-not-present (CNP) transactions, which have seen growth rates of about 24 percent.
In one example of CNP activity, account to account activity accounted for as many as 1.2 billion debit card transactions in 2018. At the same time, according to the study, fraudsters are increasingly training sights on debit activity — as CNP transactions account for roughly a quarter of debit activity but 70 percent of gross fraud cases.
Wayfair has reduced the time needed to curate product listings by 67%, saved hundreds of thousands of dollars and improved some conversion rates by 2% by deploying Google’s artificial intelligence (AI) technologies.
The online retailer shared these results in a Sunday (Jan. 10) press release emailed to PYMNTS announcing that it is using Google’s Gemini models on Vertex AI to enhance its product catalog and unlock “the next generation of retail experiences.”
“With Google Cloud, we’ve been able to efficiently scale and enrich our product catalogs, enabling us to support a more seamless and engaging shopping experience for our customers,” Wayfair Chief Technology Officer Fiona Tan said in the release.
Gemini on Google Cloud improved Wayfair’s time-to-market by automatically categorizing products across its 30 million product portfolio, delivered cost savings by eliminating the need to manually tag attributes like color and style, and improved conversion rates by increasing the accuracy of product attributes and improving the coverage of attribute tags in the retailer’s catalog, according to the release.
The technology also automatically catches errors in product dimensions and flags inappropriate materials, per the release.
Wayfair is also using Gemini for Google Workspace to boost employees’ productivity, according to the release.
The retailer is using AI features in this suite of productivity apps to draft and respond to emails, summarize and proofread documents, build presentation templates and gain expertise in new areas, per the release.
“By harnessing the power of Gemini and Google Workspace, Wayfair is not only automating complex tasks and boosting employee collaboration, but also creating more personalized and engaging experiences for every shopper,” Matt Renner, president, global revenue at Google Cloud, said in the release.
The rise of large language models (LLMs) has thrust generative AI into the driver’s seat of retail technologies, prompting brands to reassess their strategies, according to the PYMNTS Intelligence and AI-ID collaboration, “What Generative AI Has in Store for the Retail Industry.”
The report found that 92% of companies are using AI-driven personalization to drive growth and that 77% of business leaders rank generative AI as the most impactful emerging technology.
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