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Roberto Scognamiglio, Program Manager at TAS Group, and Antonio Bracaglia, ICT Business Analyst at Poste Italiane, accept the Digital Innovation Award given to the two companies in recognition of their next generation fraud detection and prevention project.
The Digital & Payments Awards is an initiative of AIIP - the Italian Payment Institutions Association, in its third edition this year, showcasing digital excellence in Italy across various areas of modern digital technologies: Internet of Things, Mobile, Big Data Analytics, eCommerce, Social Lending, and Public Administration Solutions.
The awards were announced and distributed during the XIV edition of the Digital Payment Summit held Wednesday, 14 June, in Rome at LUISS University.
TAS Group, together with Poste Italiane, developed a fraud prevention system for electronic payment transactions based on predictive models. The award recognizes this systems advanced ability to analyze large volumes of behavioral data and predict potential fraudulent transactions in real time with greater accuracy than the traditional approaches used up to now.
Early data results from the adoption successfully demonstrated a significant reduction in risk for the payment service provider. Users also saw benefits from the reduction of false positives – suspicious fraud conditions that mostly turn out to be unproven leaving frustrated customers unable to make their purchase. Fewer erroneous authorization denials mean more happy customers at checkout.