Machine Learning for Fraud Prevention

Machine Learning aids e-commerce to foil attempts at payment fraud, as they happen. Long before the pandemic led to an avalanche of online shopping, e-commerce had become a way of life for many Americans, especially Millennials and Gen Zers. In fact, 60% of Millennials bought online in 2019, while 24% Gen Zers strongly prefer to purchase online and 13% through mobile. This has led to variety of online shopping choices, including e-shops, online banking, online insurance and other online services. As Hil Davis, Co-founder of the online men's retailer, said, "E-commerce and mobile commerce have dramatically changed the way brands reach customers, making it faster and easier for consumers to make purchases on the fly while avoiding the hassles of going to the store."