Small, community banks using machine learning to reduce fraud

It will come as no surprise to hear that fraud is an increasing problem across all financial institutions, but it is not only plaguing larger banks but also smaller financial institutions. Statistics show that charges of debit card fraud have grown over 400% in only three years. A case in point is Orrstown Bank, a community bank located in Pennsylvania and Maryland. Orrstown wanted a way of tackling fraud in an ongoing way, but within the context of their budget and technology constraints. Fraudulent credit card scammers have developed more abilities to work around the majority of safeguards that banks have in place. For Orrstown, analyzing the patterns of activity from transactions where a card is present used to be much simpler. Historically, the bank could either search for charges…

Link to Full Article: Small, community banks using machine learning to reduce fraud

Pin It on Pinterest

Share This

Join Our Newsletter

Sign up to our mailing list to receive the latest news and updates about and the Informed.AI Network of AI related websites which includes Events.AI, Neurons.AI, Awards.AI, and Vocation.AI

You have Successfully Subscribed!