MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--On November 16th during the 9th Fintech and Payment Innovation 2017 conference, DataVisor was awarded with two accolades. The first was the “Outstanding Anti-Fraud Technology Award” for DataVisor’s unique ability to detect unknown fraud attacks at high accuracy and large scale. DataVisor’s CEO and co-founder, Yinglian Xie, also won the “Artificial Intelligence Innovative Leader Award” for her leadership in building a powerful new technology to prevent modern attacks, arming global institutions in the fight against abuse, fraud, and money laundering.
As a premier financial technology and payments innovation event, the conference attracted more than 1,500 individuals in the financial technology space, 500 industry executives, and 60 industry veteran speakers. During the conference, Yinglian Xie gave a talk titled “Technology-Driven Progress: How Artificial Intelligence Improves Financial Fraud Detection.” During her talk, she notes that the rapid development of online technologies such as mobile payments, the Internet of Things, and cloud computing have exposed enterprises and individuals to unprecedented risks. And the most troublesome part is that traditional fraud detection systems are not able to keep up.
“Today’s fraud attacks against web services and financial institutions are highly coordinated. For instance, fraud is an ecosystem with a clear division of labor, and each individual fraudster operating within it has mastered many advanced techniques,” Yinglian Xie explains. “Prior to an attack, bad actors pre-register or takeover a large number of accounts. With the increased anonymity online, they can constantly change their methods with many accounts to find loopholes.”
With such sophisticated adversaries, it’s no wonder that traditional fraud detection schemes, such as rules and reputation systems, are struggling to keep up. Even a supervised machine learning system, which uses past fraud patterns to predict future ones, has a hard time dealing with new types of attacks. Yinglian Xie highlights DataVisor’s unique approach which leverages “unsupervised machine learning,” a type of artificial intelligence that does not learn from historical data and patterns. This patented technology is how DataVisor won these two impressive awards during the conference.
“We are proud of our innovative approach to detecting modern fraud attacks. To date, we’ve protected more than 2 billion accounts worldwide, but the most exciting part is that we’re just getting started,” Yinglian Xie concludes.