Alipay unveils AlphaRisk to accelerate digitization amid COVID-19 times

Source: IBS Intelligence 2020-05-18

Ant Financial’s Alipay, an open digital lifestyle platform, unveiled the enhanced version of the AI-powered risk engine AlphaRisk at the Alipay Risk & Security Tech Launch 2020. Backed by AlphaRisk, Alipay mentioned that its fraud loss rate has been kept under 0.64 in 10 million. This means that for every $10 million worth of payments, fraud induced loss is less than $0.64, which is significantly lower than the industry average.

“The pandemic has accelerated digital transformation across the globe. Businesses and services which can adapt quicker to this growing trend will be in a stronger position to serve customers. Meanwhile, rapid digitization also comes with new challenges in risk and security,” said Dr. Zhao Wenbiao, Vice President of Ant Group and Chief Scientist of Alipay Security Lab in his keynote speech. “Security, more now than ever, has to be the core infrastructure for digital businesses to ensure operational safety and reliability, while continuously improving user experience and performance.”

The engine provides real-time risk detection and management capabilities with its 4 main features, namely AI detection, evolution, perception and auto pilot. It automatically analyzes fraud attempts and patterns to adjust risk profiles and takes countermeasures on the fly. It is able to detect new fraud patterns and automatically intervene.

“Alipay’s utmost priority is to build a safe and trusted digital lifestyle platform for the 1.2 billion users we serve with our global partners worldwide,” said Dr. Wenbiao. “Through opening up our technologies and close collaboration, we plan to further our support for partners and merchants by empowering their risk and security infrastructure and enhancing their anti-fraud capabilities. We look forward to working with our partners together to promote the sustainable development of digital economy.”

The enhanced AlphaRisk is able to respond to new risks detected within a second and complete automatic risk profile adjustments within a day through self-learning and model auto-refit. Its Auto Pilot feature integrates over 200 algorithms, which enables the system to automatically apply the best risk management strategy while ensuring a seamless user experience.

Alipay unveils AlphaRisk to accelerate digitization amid COVID-19 times

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