Stripe moves to vanquish card fraud using machine learning

The Collison brothers' 5bn payments powerhouse Stripe is making its move into machine learning in a bid to wipe out card fraud, which is expected to total 183bn by 2020. Credit and debit card fraud has only accelerated as the internet has grown. Employing machine-learning tools, Stripe's new Radar technology is powered by the company's own behaviour network. This is a machine-learning system that learns from and adapts its defences based on transactions across hundreds of thousands of businesses, using the Stripe's technology globally. 'With Stripe Radar, businesses essentially have caller ID for incoming charges' – JOHN COLLISON According to Stripe, this is the first and only machine-learning-based fraud tool that requires no set-up and works for every user from the moment of their first transaction.