How US Bank Uses Machine Learning To Fight Fraud PYMNTS.com

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Mobile and online banking providers have been upping their fraud protection measures over the last decade, making it more difficult for bad actors to rely on some of the schemes that previously worked in such channels. The prevalence of CNP fraud, once the bread and butter of the enterprising cybercriminal, has steadily crept downward each year alongside other forms that game customers' credit card numbers. Cybercriminals are still masters of a thriving trade, though. Banks are dealing with rapid rises in fraud schemes such as ATOs, synthetic identity fraud and account opening fraud. Creating new credit or mobile device accounts is a popular application, which uses legitimate customers' stolen information to defraud both them and their financial institutions (FIs).