Applying Machine Learning to Financial Payments

I work for Icon Solutions. We work in instant payments. What I want to talk about is applying machine learning to fraud detection. When we first started researching it, we found two themes that were going on. We found these hype type things. I'm sure you've all seen this, when will we bow to our machine overlord? By 2025, robots will be playing symphonies and all that stuff. Then we found the other extreme as well, which was the fairly wacky math. What we were looking at is how can we actually apply this technology to our requirements and to those of our clients? I'm going to talk about payments. Then I'm going to do a demonstration. In terms of payments, the way it worked, if you wanted to interact with the bank through most of 20th centuries, you had to go into a branch. That was the only way you could interact with the bank. If somebody wanted to steal money from a bank, they had to rob it. That was basically the only option they had, which is why you can see the big security barriers that they had in the branches at that point in time. Then, moving on to about 1960s, the bank started employing new technologies. They took things like the IBM 360 series, and they actually started using it. Even then it was pretty secure. The people who were using it were people who worked for the bank. It was a closed network. If you wanted to actually get into the systems, you had to go into the bank's offices, and you had to be an employee. The potential for fraud was fairly small.