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Fraud


Fraud through the eyes of a machine - KDnuggets

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There are many approaches to determining whether a particular transaction is fraudulent. From rule-based systems to machine learning models - each method tends to work best under certain conditions. Successful anti-fraud systems should reap the benefits of all the approaches and utilize them where they fit the problem best. The notion of networks and connection analysis in the world of anti-fraud systems is paramount since it helps uncover hidden characteristics of transactions that are not retrievable any other way. In this blog post, we will try to shed some light on the way networks are created and then used to detect fraudulent transactions.


Do You Have a Conflict of Interest? This Robotic Assistant May Find It First

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What should science do about conflicts of interest? When they are identified, they become an obstacle to objectivity -- a key tenet and a cornerstone of academia and research -- and the truth behind what scientists report is called into question. Sometimes a conflict of interest is clear cut. Researchers who fail to disclose a funding source with a business interest in the outcome are often likely to undermine the legitimacy of their findings. Additionally, when an author of a paper has worked extensively on other research with an editor of a journal, the conflict of interest can look glaringly obvious.


Credit Card Fraud Detection

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Fraud detection is the most important step for a risk management process to prevent a recurrence. High volumes of fraud can be damaging revenue and reputation. Fortunately, it is possible to deal with fraud before it happens. Therefore, I would like to investigate the performance of the machine learning algorithms on a credit card fraud data set. The dataset contains transactions made by credit cards in September 2013 by European cardholders.


Machine learning in banking and marketing applications for 2021 and beyond

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The most common type of fraud banks face globally is credit card fraud via identity theft. The level of credit card fraud reports increased more than fivefold between 2014 and 2019. And this figure continues to grow. There are a lot of ready-made solutions for fraud prevention in banking, like the one developed by SPD Group, and also, it is possible to come up with a personalized protective tool to meet the needs and respond to the risks of a certain bank.


Council Post: Using Machine Learning To Predict And Detect Fraud

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Dan Zitting serves as Chief Product & Strategy Officer at Galvanize, the global leader for GRC software. Current economic challenges and the ongoing public health crisis have transformed the circumstances in which fraud happens. The good news is that the tools to address it are at the ready. Machine learning gives organizations the ability to fight both internal and external fraud threats to reduce risk. Regardless of global conditions, there are a few basic elements that fuel fraud.


Fraud Detection in Machine Learning

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So this way we were successfully able to build a highly accurate model to determine fraudulent transactions. These come in very handy for risk management purposes. Pavan Vadapalli, Director of Engineering @ upGrad, an ed-tech platform in India which provides data science, machine learning courses. Motivated to leverage technology to solve problems.


Your AI-inspired Future of Fraud Prevention is Here - Chief Wine Officer

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This December, CWO: DIGITAL and IBM are bringing 15 insurance fraud leaders together in an exclusive virtual networking event to discuss how technology can be used to enhance their anti-fraud efforts. You'll be joined by IBM fraud specialists who will share their expertise on how to deliver a structured anti-fraud solution for better alert accuracy and efficiency across your organization. In true CWO style, you'll mix business with pleasure as we send guests a selection of the finest wines to be enjoyed over the course of the interactive experience. The estimated cost of property and casualty insurance claims fraud is $32 billion in the US alone. To protect against these losses, fraud detection techniques are evolving to uncover more fraud, avoid false positives and streamline investigations.


Instant Payments

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PelicanPayments is a complete payments solution delivering exceptional levels of efficiency, control and flexibility. PelicanSecure is a comprehensive suite of real-time financial crime compliance and anti-fraud solutions. Pelican Open Banking Hub connects 6000 banks in Europe with an ability to connect to over 500 million customers. This Open Banking webinar focuses on opportunities for banks in opting for the an aggressive and proactive approach to winning new customers. To read a full report, click "Learn More:


Isolation Forest Algorithm for Anomaly Detection

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Did you ever wonder how credit card fraud detection is caught in real-time? Do you want to know how to catch an intruder program if it is trying to access your system? This is all possible by the application of the anomaly detection machine learning model. Anomaly detection is one of the most popular machine learning techniques. In this article, we will learn concepts related to anomaly detection and how to implement it as a machine learning model.


Graph Gurus Workshop: Double the Performance of Your Fraud Detection System with Graph and Machine Learning

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Financial transaction fraud costs hundreds of billions in losses worldwide and affects all industries as online sales became the dominant channel with the COVID-19 pandemic. Current fraud detection solutions are struggling to keep up, especially in detecting online fraud.