Stripe urges retailers to use machine learning in fight against online fraud

With Christmas approaching, online retailers are facing an onslaught of fraudsters, and machine learning could prove vital to pattern detection. Stripe has revealed insights from its data to help online businesses fight online fraud this Christmas, and has recommended that retailers add machine learning tools to their respective arsenals. Stripe examined transaction data from hundreds of thousands of its customers across 25 countries. 'We recommend using anti-fraud tools based on machine learning trained on large amounts of data, to ensure businesses are making the right trade-offs between battling fraud and maximising profits' – MICHAEL MANAPAT While chip-enabled credit cards have made bricks-and-mortar shopping safer, fraudsters are increasingly targeting online stores. However, unlike physical stores, online businesses are unfortunately responsible for paying the associated costs.