Skymind and Nextremer Join Forces to Beat Bank Fraud Using Artificial Intelligence

Proof of Concept to Begin With Large Japanese Financial Institution


FOR IMMEDIATE RELEASE: February 1, 2017

Skymind Inc.
[email protected]

San Francisco, CA: Today, Skymind Inc., the creator of Deeplearning4j, the largest open-source neural net library for the JVM, has joined forces with Nextremer Co., Ltd. to improve bank fraud detection for financial institutions. Bank fraud includes stolen credit card details, phishing to ATM withdrawals by thieves, among other card-related frauds, with losses reaching $21.84 billion according to The Nilson Report last year, while fraudulent wire transfers cost businesses $3.1 billion, according to the FBI. Beginning with a proof of concept at a large Japanese financial institution, this partnership seeks to apply artificial intelligence (hereinafter referring to as “AI”) to improve bank fraud detection.

With ever-changing consumer behavior, handcrafted rules-based systems have failed to keep up as scammers become better at avoiding detection. As a result, losses from bank fraud are projected to grow year after year. Skymind and Nextremer will solve this problem by utilizing AI which can adapt to new behavior automatically and leverage untapped data sources to find cases of fraud.

This collaboration seeks to demonstrate practical applications of AI with a major Japanese financial institution in the following ways.

  • Build and train a neural network, using historical transaction data, to score new transactions by their likelihood of fraud.
  • Use human analyst to vet risky transactions and subsequently, feed those results back into the neural network to improve detection over time.

About Skymind Inc.: Skymind provides enterprise support and training around deep learning implementations. Established in November 2014 and headquartered in San Francisco, Skymind’s open-source framework counts over 3,600 open-source engineers and several Fortune 500 corporations as users.
https://skymind.ai

About Nextremer Co., Ltd.: Nextremer is an R&D organisation focused on developing AI solutions for businesses. Under the "Open Innovation" structure, the company collaborates in partnerships with third parties, such as companies and universities to research and deploy AI applications such as dialogue systems, image recognition, self-controlling, etc.
http://www.nextremer.com

For further information, please contact [email protected].

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