Report: Machine learning aids visible hand of payments

Banks are turning to machine learning and other advanced technological protocols to protect consumers in the escalating fraud arms race, as legacy systems creak under the digital burden - market participants and commentators say. "As banking has entered the online and mobile channels, so has fraud and the complexity of today's digital attacks increased. Financial institutions now have a whole host of additional access points and complex channels to defend," according to Mark Crichton, senior director, security product management at OneSpan, the mobile security company. Between $25m and $40m is estimated to be lost to card not present fraud (CNP) globally, according to Accenture. CNP - or ecommerce fraud - is increasing hand in hand with the wider availability of sensitive customer data following a string of data breaches, according to UK Finance.