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Dispelling 4 Myths about Machine Learning in Fraud Prevention

#artificialintelligence

Although the term Machine Learning has been around for decades, since self-learning algorithms have became applicable in business, it's being frequently abused -- just like some other terms of certain marketing power e.g. Fraud prevention is at the heart of this trend. Most providers of fraud detection solutions talk about intelligent algorithms and Artificial Intelligence, but hardly anyone explains what in their particular case these terms really stand for. We have collected some common myths about Machine Learning in the fraud prevention industry and…dispelled them one by one to make the matter as clear as possible. The more popular the term gets, the vaguer it becomes.


Top 10 considerations for fraud prevention - AiConnects.us

#artificialintelligence

Travel companies are learning how to adjust to the evolving shopping behavior, including the way one goes about completing a transaction, and accordingly improvising on their fraud prevention tactics. There are several facets that merchants have had to deal with over the last 10 months or so.


Tackling cyber fraud using both human and artificial intelligence

#artificialintelligence

Preserving and growing our clients' assets is the core of our business. As such, we aim to use the best cybersecurity and fraud prevention technologies possible. For years, we have implemented strong security measures to combat cyber fraud. However, in order to counter the creativity of fraudsters, we had to raise our game and become even more innovative by leveraging the best of technology such as artificial intelligence (AI). To ensure that our proprietary banking platform includes the latest fraud prevention systems to protect our clients and their assets, we harness the power of AI to more effectively identify abnormal payments and protect the Bank from the growing sophistication of fraudsters'. In 2021, we partnered with NetGuardians, whose leading AI-based fraud prevention system is able to detect both established and emerging on-line payment fraud patterns.


IRS hands fraud prevention contract to Equifax despite massive hack

Engadget

You'd think that government agencies would be reticent to work with Equifax given that it just exposed the private info of more than 145 million people through a preventable hack, but a massive data breach apparently isn't enough of a deterrent. The Internal Revenue Service recently awarded Equifax a fraud prevention contract that will have it verifying taxpayer identities. And crucially, it was a no-bid, "sole source" contract -- Equifax was deemed the only company capable of fulfilling demand. In practice, officials didn't have much of a choice. Credit reporting in the US is dominated by three large companies (Equifax, Experian and TransUnion), and Equifax is arguably the powerhouse of the bunch.


Preventing fraud without compromising the customer experience

#artificialintelligence

Delivering a great shopping experience is about more than just the shopping, it's about the paying too. However, today merchants are so hyper-focused on the risk of fraud and attacks, the ease of checkout often suffers, leaving customers frustrated and carts abandoned. Rigorous risk mitigation tools can cause friction in the payment process. Multiple security and authentication steps, low tolerance rules, and cumbersome hurdles are triggering an increase in false declines, with legitimate card-not-present (CNP) transactions rejected due to a suspicion of fraud. On the other hand, relaxing fraud prevention measures to make way for a seamless shopping experience can open up merchants to the significant risk of undetected fraudulent transactions and increase in chargebacks.