Machine Learning – Keeping Us One Step Ahead of Fraudsters

The topic of machine learning in the fraud prevention space is one which is constantly on the lips of both financial institutions and merchants looking to exploit advances in IT infrastructure and intelligent computing to protect their businesses from possible danger. However, we may find ourselves asking what really is machine learning? Is it actually that effective in not only detecting fraud, but preventing it too? To explain the first question: machine learning relies on algorithms which employ pattern recognition techniques to explore and learn the underlying structures in the data. By using past transaction data from fraudulent activity, alongside information from genuine customer transactions, these algorithms can be used to build predictive models which can forecast the probability of a transaction being fraudulent. Predictive models deliver very tangible results…

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