Machine Learning Minimizes Fraud Risks of Online Payments

Online payment providers have been servicing customers all over the world since CyberCash opened its virtual doors in 1995. Unfortunately, the growing number of companies relying on online payment providers has created an epidemic of fraud. According to one recent report, the rate of fraud has increased 45%, to nearly $60 billion in recent years. In Australia alone, online payment fraud has exploded to $476 million. Online payment providers like PayPal have started turning to machine learning, as they strive to tackle the growing number of cybercriminals seeking to exploit their customers.