The Spanish company Tecnocom is implementing a system in various countries that uses artificial intelligence in order to detect and prevent fraud over the Internet or at cash machines.

Tecnocom’s ‘Mebone Fraud’ system carries out searches in real time in order to detect patterns of fraud, whether they are carried out at cash machines, points of sale, over the Internet or at banks.

The system’s technology analyzes transactions in order to allow early detection. It identifies suspicious transactions the moment they occur and thus allows financial institutions to react immediately.

As a result when someone tries to carry out a transaction which may be fraudulent, an alert is generated that immediately stops the transaction from taking place, at least until the person’s identity can be verified. The system also detects new patterns of fraud. Its goal is to reduce the number of fraudulent transactions, which have become increasingly frequent for electronic payments.

Current fraud prevention solutions cannot react as quickly, or only make such transactions more difficult to carry out without actually stopping them. This system however represents an innovative step forward in the fight against fraud.

Tecnocom is a well-known technology provider in Portugal and Latin America. The company has offices in 10 countries and distribution in over 70 nations thanks to its alliance with Getronics. The company’s branches are located in Spain, Portugal, Chile, Colombia, Mexico, Peru, Brazil, Paraguay, the Dominican Republic and the United States (Miami).