A.M. Costa Rica staff
The Costa Rican company SmartSoft has developed an innovative software called Dynamic Behavior Patterns.
The application seeks to increase the security of national and international financial companies in the protection of their clients' resources and in the event that fraud or money laundering can affect them.
According to Sander Pacheco, deputy minister of the Ministry of Science, Technology, and Telecommunications, these initiatives seek to improve the reaction capacity in the face of frauds that are committed in the country and abroad.
"Our purpose is to finance actions and activities aimed at promoting and improving the management capacity and competitiveness” of Costa Rican small and medium enterprises, he said.
Through the project called Determination of patterns of dynamic behavior for the prediction of fraud and money laundering in the financial sector, promoted by Pablo Elizondo, CEO and founder of SmartSoft, the new module was created that seeks to prevent fraud by means of a system that is based on the knowledge and analysis of the client's behavior.
The new solution analyzes data from the perspective of customer behavior and generates a behavior learning process. In the case of credit cards, the software analyzes the consumption habits of a given individual and the group to which he belongs, with variables such as the age range, the type of credit cards, the country of the transaction, the amounts, the frequencies of consumption and the category of commerce that the user visits, among others.
A.M. Costa Rica wire services photo
Online banking fraud can be determined by studying the behavior of the consumers.
The system learns to know the client, individual tastes, and preferences to purchase and amounts ordinarily spent.
The system allows the firm to reflect in a scientific way the habitual behavior of the clients, which is the main difference with the rest of the systems, and from there, unusual behaviors are determined, the company said in a release.
This technology can be applied to the analysis of the behavior of cardholders, customers of financial institutions and users of automatic tellers and the telephone, among many other uses, the firm said.