IBM showed off what it calls the next-generation system with a built-in artificial intelligence (AI) accelerator that promises to detect and prevent fraud, the New York-based tech company announcement Tuesday, April 5)
Dubbed IBM z16, Big Blue said the feature was developed to allow customers to analyze real-time transactions for credit cards, healthcare and financial transactions. Moreover, it was designed to protect against threats that could be used to crack encryption technologies.
“Operationalizing Fraud Prevention on IBM Z“, a recent study commissioned by IBM by Celent, revealed that IBM zSystems leverages 70% of global transactions on the basis of value.
“IBM is the benchmark for highly secure transaction processing,” said Eric Lewis, senior vice president of IBM Systems, in a statement. “Now, with IBM z16 innovations, our customers can increase decision speed through inference where their critical data resides.”
The tool, he said, creates opportunities to change the game across a variety of industries so they are positioned to deliver better customer experiences and more powerful business results.
A survey by IBM and Morning Consult, “IBM’s 2022 Global Financial Fraud Impact Reportfound that credit card fraud is the most common type of scam among consumers in the seven countries surveyed. Respondents said banks and payment networks are responsible for fraud prevention. But fraud detection models work on less than 10% of transactions, the study notes.
IBM said the z16 combines artificial intelligence with secure and reliable high-volume transaction processing. The tool can handle 300 billion queries per day. For consumers, this could reduce the hassle of dealing with fraudulent transactions on their credit card, IBM added.
Last fall, PYMNTS reported that McDonald’s had partnered with IBM to improve drive-thru lanes at its restaurants and automate the order-taking process.
Read more: McDonald’s partners with IBM to develop large drive-thru technology
As part of the agreement, IBM will acquire McDonald’s McD Tech Labs and accelerate the launch of its automated order taking (AOT) technology.