From NVIDIA: 2024-10-28 11:30:06

Financial losses from credit card transaction fraud are projected to reach $43 billion by 2026. NVIDIA has introduced an AI workflow for fraud detection on Amazon Web Services to combat this issue, allowing financial institutions to improve accuracy and reduce false positives compared to traditional methods. Businesses utilizing machine learning tools can see up to a 40% improvement in fraud detection accuracy. Major financial organizations like American Express and Capital One are already using AI for fraud detection. The NVIDIA workflow is currently optimized for credit card transaction fraud but can be adapted for other use cases such as new account fraud and money laundering. Organizations need efficient computing power to handle the increasing complexity of AI models and datasets for fraud detection. Leveraging NVIDIA RAPIDS Accelerator for Apache Spark can help reduce data processing times and costs for payment companies. Financial institutions are turning to NVIDIA’s AI and accelerated computing platforms to manage large-scale datasets and achieve real-time AI performance with complex models. The new NVIDIA AI workflow for fraud detection enhances XGBoost using NVIDIA RAPIDS with graph neural network embeddings to reduce false positives. NVIDIA Morpheus securely inspects and classifies data while Triton Inference Server optimizes inference for AI model deployments. American Express and European digital bank bunq have successfully used AI for fraud detection, with bunq achieving nearly 100x faster model training speeds with NVIDIA accelerated computing. BNY Mellon is the first major bank to deploy an NVIDIA DGX SuperPOD with DGX H100 systems to support fraud detection solutions. Systems integrators, software vendors, and cloud service providers can now integrate the new NVIDIA AI workflow for fraud detection to enhance their financial services applications. Visit the NVIDIA AI Pavilion featuring AWS at Money 20/20 in Las Vegas to learn more about AI for fraud detection.



Read more at NVIDIA: New NVIDIA AI Workflow on AWS Detects Fraudulent Credit Card Transactions