The Growing Role of Machine Learning in Fraud Detection

#artificialintelligence 

Machine learning (ML) can quickly detect fraud, saving organizations and consumers time and money when implemented correctly. As organizations grapple with how to keep up with consumers during the Covid-19 pandemic, they are also dealing with an evolving digital landscape, with online payment fraud losses alone set to exceed $206 billion between 2021 and 2025. While machine learning can save organizations exponential amounts of time and money when implemented correctly, it can also come with some initial challenges. The key to any accurate machine learning model is the input data. Not only does enough historical data need to exist for the model to derive an accurate representation but the data also needs to be accessible.