Beware of data "science projects" turned fraud prevention solutions - IBM RegTech Innovations Blog

As e-commerce has revolutionized the way we buy and sell online, we are no longer bounded by borders or time zones. Goods can be purchased from anywhere around the world at any time of day. Because of this, traditional rules-based fraud detection systems have become outdated and no longer work. Today, real-time payments require real-time fraud detection. Modern payment fraud schemes require modern prevention With so many transactions being done electronically, it's nearly impossible to have humans alone monitor these transactions and keep fraud and error rates down to acceptable levels.