You probably already know that every day we work to make banking as easy and convenient as it can be. We hope you can see that in our app and in the features that we regularly improve and introduce. But what you might not always notice on the surface are the ways that we’re also working in the background to make banking faster and more secure as well.
IBB Pro FIT Program
To further our development of an innovative fraud prevention project, we submitted an application for a development subsidy to the Pro FIT program of the Investitionsbank Berlin (IBB). Recently we were notified that we’ve been granted a subsidy of roughly 700.000€ to continue our research and development for this important initiative. IBB’s prestigious and competitive Pro FIT program is supported by the European Union Regional Development Fund. Pro FIT aims to boost the intensity of research, development and innovation in Berlin's economy – especially in the innovation clusters.
N26 Pro FIT Project Goals
The goal of the N26 project subsidy is to accelerate research and development to detect and prevent credit card fraud. In particular, N26’s technology is designed to detect potential fraudulent activity, block such activity, and notify the user of the suspicious activity, all in real-time. The subsidy from IBB serves to further the research and development of a new, proprietary, worldwide new fraud prevention system. The system uses artificial intelligence to analyze factors like spending history, movement patterns and merchant data to prevent fraud before a transaction is booked. For example, if a MasterCard is stolen and later used, a situation-specific scoring takes place which is used to prevent fraudulent transactions. The system learns from each successfully-blocked transaction and thus becomes ever more intelligent. Check more updates about N26 Security in our blog