How Machine Learning Helps With Fraud Detection - RTInsights

Fraud detection with machine learning requires large datasets to train a model, weighted variables, and human review only as a last defense. With advances in computer technology and ecommerce also comes increased vulnerability to fraud. Hackers are continuously finding new ways to target undeserving victims, from stolen credit card details to false accounts. Any business or individual who uses online payment sources is open to fraud. In 2015, financial fraud -- including payment cards, remote banking and cheques -- rose a staggering 26 percent from the previous year, totaling a cost of £755 million.