Outwitting fraudsters with machine learning and AI The Paypers

It seems everyone is talking about artificial intelligence and machine learning, especially within the fraud prevention sphere. But despite all the buzz, it's not always clear how these intelligent elements actually help curb fraud rates. First things first: though they are often used interchangeably, artificial intelligence (AI) and machine learning (ML) are not the same thing. AI refers to machines that are able to carry out tasks in a human way, while machine learning is a component of AI that involves giving a machine access to large amounts of data and allowing it to learn for itself and solve problems based on that data and patterns the machine recognizes. The concepts of Artificial Intelligence and machine learning have been around since the 1950s. However, only recently have they become a reality for businesses due to advanced developments in the field and newfound affordability.