Lessons learnt from machine learning in fraud management

Stripe processes billions of dollars a year for some of the largest companies in the world. Enterprise Innovation talks to Michael Manapat, Stripe's head of data and machine learning products, about the lessons governments, large enterprises and online businesses alike can draw from Stripe's experience in building Radar, Stripe's machine-learning-powered fraud detection system. What key lessons can we learn from Stripe's experience in processing billions of dollars a year for global companies, especially in managing fraud, privacy and security? Manapat: In 2017 alone, Stripe Radar prevented US$4 billion in attempted fraud, directly helping the hundreds of thousands of companies who run their business on Stripe. From operating at this scale, we've drawn three important lessons that all online businesses, no matter where they are in the world, should consider when tackling fraud: They can be helpful, but also time consuming and not completely effective.