The new NVIDIA AI workflow for fraud detection running on Amazon Web Services (AWS) is helping combat the growing issue of financial losses from worldwide credit card transaction fraud. The workflow enables financial institutions to identify subtle patterns and anomalies in transaction data based on user behavior. This improves accuracy and reduces false positives compared with traditional methods.
Users can streamline the migration of their fraud detection workflows from traditional compute to accelerated compute using the software platform and NVIDIA GPU instances. Leading financial organizations like American Express and Capital One have been building proprietary solutions that mitigate fraud and enhance customer protection. The workflow is currently optimized for credit card transaction fraud but can be adapted for other use cases, such as new account fraud, account takeover, and money laundering.
Traditional data science pipelines lack the necessary compute acceleration to handle the massive volumes of data required to combat fraud effectively.
NVIDIA AI improves fraud prevention
Leveraging accelerated computing can help payment companies reduce data processing times and save on data processing costs.
The new NVIDIA AI workflow enhances XGBoost with Graph Neural Network (GNN) embeddings as additional features to help reduce false positives. The GNN embeddings are fed into XGBoost to create and train a model that can then be orchestrated for real-time inferencing. This framework securely inspects and classifies all incoming data, tagging it with patterns and flagging potentially suspicious activity.
American Express, which began using AI to fight fraud in 2010, leverages fraud detection algorithms to monitor all customer transactions globally in real-time, generating fraud decisions in just milliseconds. A European digital bank uses generative AI to help detect fraud and money laundering. Its AI-powered transaction-monitoring system achieved nearly 100x faster model training speeds with NVIDIA accelerated computing.
Systems integrators, software vendors, and cloud service providers can now integrate the new NVIDIA AI workflow for fraud detection to boost their financial services applications and help keep customers’ money, identities, and digital accounts safe.
