How Machine Learning Facilitates Fraud Detection? - Maruti Techlabs

Machine learning has been instrumental in solving some of the important business problems such as detecting email spam, focused product recommendation, accurate medical diagnosis etc. The adoption of machine learning (ML) has been accelerated with increasing processing power, availability of big data and advancements in statistical modeling. Fraud management has been painful for banking and commerce industry. The number of transactions has increased due to a plethora of payment channels – credit/debit cards, smartphones, kiosks. At the same time, criminals have become adept at finding loopholes.