5 Keys to Using AI and Machine Learning in Fraud Detection

Payment fraud is an ideal use case for machine learning and artificial intelligence (AI), and has a long track record of successful use. When consumers get a call, text, email or in-app messages from their card issuer asking them to validate a transaction, or informing them of fraud on their card, they may not even suspect that behind this bit of excellent customer service are a brilliant set of algorithms. Recently, however, there has been so much hype around the use of AI and machine learning in fraud detection that it has been difficult for many to distinguish myth from reality. At times, you might come to the conclusion that AI and machine learning have just been invented, or just been applied to payments fraud for the first time! In this blog series, I'm going to explore the five keys to using AI and machine learning in fraud detection.