​Why machine learning may help stop payment fraud

In 2017, the New Payments Platform (NPP) – infrastructure that offers real time payments between financial institutions and their customers’ accounts – will come into effect. This essentially means that payments will be visible in a customer’s account within around 10 seconds. What this means is that banks’ risk systems also need to work in real time and make a decision in around 5 to 6 seconds if a transaction should be authorised or not. Frankly, that’s incredibly fast and internal processes will need to be slick. Under the covers Banking systems have a set of complex fraud rules that are applied to transactions. These rules have been designed for a different scenario and with only a few seconds to decide, fraud algorithms must be concise. When the objective is…

Link to Full Article: ​Why machine learning may help stop payment fraud

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