With the rapid spread of online payment, internet banking, and QR code payments, illegal use of credit cards is on the rise. However, there are not many Japanese companies that have introduced the advanced solutions for fraud detection that currently exist overseas. In addition, financial authorities and institutions around the world are expected to report strengthened measures against money laundering in August 2020. As a result, taking these steps against money laundering has become an urgent management issue in Japanese financial institutions.
Based on SparkCognition’s use cases developed overseas, MILIZE will offer Fraud Solution, which will use SparkCognition’s AI technology to provide fraud detection and money laundering consulting services, as well as development and operation services to domestic credit card companies, banks, and other financial institutions. By submitting transaction data to the network operated by MILIZE, financial institutions will be able to detect suspicious transactions without making large-scale system investments.
MILIZE makes full use of financial engineering, AI, and big data, and provides a large number of operational support solutions such as risk management, performance forecast, stock price forecast, et cetera, to a wide range of financial institutions such as banks, securities, insurance, asset management, credit card companies, and more. SparkCognition is a leading company in the field of artificial intelligence and provides AI solutions to companies and government agencies around the world.
At one credit card company in South America, the ratio of fraudulent use to the total transactions reached about 20%, which deteriorated the profitability of the business. Therefore the company introduced Fraud Solution, a fraudulent transaction detection system that utilizes the AI technology of SparkCognition, a company with extensive experience in the financial field. Though the credit card company did not have a team of data scientists, it successfully built and deployed a highly accurate machine learning model within the short period of a few weeks. As a result, it is now possible to detect fraudulent transactions with about 90% accuracy, which has led to a significant improvement in the credit card company’s profitability.
Milize creates and offers next generation financial service by combining AI technology with its extensive experience in fields such as financial engineering, risk management, statistical analysis, marketing, and financial planning.
Labor productivity improvement has become an urgent issue in Japan where working-age population is decreasing dramatically. Enhancing financial literacy for individuals is also getting quite essential in the “100 year life society.”
Milize provides innovative solutions to face such challenges by incorporating AI technology into conventional financial operations. Solutions support financial institution to provide fully regulatory complied services to individuals, and simultaneously achieve cost reduction through enhanced operational efficiency.
With award-winning machine learning technology, a multinational footprint, and expert teams focused on defense, IIoT, and finance, SparkCognition builds artificial intelligence systems to advance the most important interests of society. Our customers are trusted with protecting and advancing lives, infrastructure, and financial systems across the globe. They turn to SparkCognition to help them analyze complex data, empower decision-making, and transform human and industrial productivity. SparkCognition offers four main products: DarwinTM, DeepArmor®️, SparkPredict®️, and DeepNLPTM. With our leading-edge artificial intelligence platforms, our clients can adapt to a rapidly changing digital landscape and accelerate their business strategies. Learn more about SparkCognition’s AI applications and why we’ve been featured in CNBC’s 2017 Disruptor 50, and recognized three years in a row on CB Insights AI 100, by visiting www.sparkcognition.com.
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