Recognition of the face as an identity is a critical aspect in today's world. Facial identification and recognition find its use in many real-life contexts, whether your identity card, passport, or any other credential of significant importance. It has become quite a popular tool these days to authenticate the identity of an individual. This technology is also being used in various sectors and industries to prevent ID fraud and identity theft. Your smartphone also has a face recognition feature to unlock it.
This article is sponsored by IBM. SUMMARY: Organizations often miss the greatest opportunities that machine learning has to offer because tapping them requires real-time predictive scoring. In order to optimize the very largest-scale processes – which is a vital endeavor for your business – predictive scoring must take place right at the moment of each and every interaction. The good news is that you probably already have the hardware to handle this endeavor: the same system currently running your high-volume transactions – oftentimes a mainframe. But getting this done requires a specialized leadership practice and strong-willed change management. Heed this warning: The greatest opportunities with machine learning are exactly the ones that your business is most likely to miss. To be specific, there's massive potential for real-time predictive scoring to optimize your largest-scale operations. But with these particularly high stakes comes a tragic case of analysis paralysis.
Yup, that's me being plowed to the ground because the business just lost more than $500,000 with our fraud detection system by wrongly flagging fraudulent transactions as legitimate, and my boss's career is probably over. You're probably wondering how we got here… My story began with an image that you've probably seen over 1,001 times--the lifecycle of an ML project. A few months ago, we finally deployed to production after months of perfecting our model. I told myself and my colleague, "Our hard work has surely paid off, hasn't it?". Our model was serving requests in real-time and returning results in batches--good stuff! Surely that was enough, right? Well, not quite, which we got to realize in a relatively dramatic fashion. I'm not going to bore you with the cliché reasons why the typical way of deploying working software just doesn't cut it with machine learning applications. I'm still trying to recover from the bruises that my boss left on me, and the least I can do is help you not end up in a hospital bed after "successful model deployment", like me. I'll tell you all about: By the end of this article, you should know exactly what to do after deploying your model, including how to monitor your models in production, how to spot problems, how to troubleshoot, and how to approach the "life" of your model beyond monitoring. You almost don't have to worry about anything. Based on the software development lifecycle, it should work as expected because you have rigorously tested it and deployed it. In fact, your team may decide on a steady and periodic release of new versions as you mostly upgrade to meet new system requirements or new business needs.
I graduated on Warsaw University of Technology with master thesis about text mining topic (intelligent web crawling methods). I work for Polish IT consulting company (Sollers Consulting), where I develop and design various insurance industry related stuff, (one of them is insurance fraud detection platform). From time to time I try to compete in data mining contests (Netflix, competitions on Kaggle and tunedit.org) As far as I remember, the basis of the solution I defined at the very beginning: to create separate predictors for each individual loop and time interval. So my solution required me to build 61x10 610 regression models.
Are you a Data Science aspirant and looking forward to some challenging and real-time Data Science projects? Then you are at the right place to gain mastery in the field of Data Science. In this article, we will discuss the best Data Science projects that will boost your knowledge, skills and your Data Science career too!! These real-world Data Science projects with source code offer you a propitious way to gain hands-on experience and start your journey with your dream Data Science job. Now let's quickly jump to our best Data Science project examples with source code.
The fight against fraud has always been a messy business, but it's especially grisly in the digital age. To keep ahead of the cybercriminals, investment in technology – particularly artificial intelligence – is paramount, says Ajay Bhalla, president of cyber and intelligence solutions at Mastercard. Since the opening salvo of the coronavirus crisis, cybercriminals have launched increasingly sophisticated attacks across a multitude of channels, taking advantage of heightened emotions and poor online security. Some £1.26 billion was lost to financial fraud in the UK in 2020, according to UK Finance, a trade association, while there was a 43% year-on-year explosion in internet banking fraud losses. The banking industry managed to stop some £1.6 billion of fraud over the course of the year, equivalent to £6.73 in every £10 of attempted fraud.
Several recent surveys show that more than 80% of consumers prefer spending with a credit card over cash. Thanks to advances in AI and machine learning (ML), credit card fraud can be detected quickly, which makes credit cards one of the safest and easiest payment methods to use. The challenge with cards, however, is that in some countries when fraud is suspected the credit card is blocked immediately, which leaves the cardholder without a reason as to why, how, or when. Depending on the situation, it can take anywhere from a few hours to days until the customer is notified and even longer to resolve. With Amazon Connect, a cardholder can be notified immediately of a suspected card fraud and interactively verify if the suspected transactions were indeed fraudulent over the phone.
The power of avoiding and detecting fraud in advance is clear: a few hours can have a major impact on losses. There are a host of challenges in all industries – from financial services to retail and healthcare – that need to be addressed to detect fraudulent behavior and suspicious activities. The risk especially to B2C companies is large considering the acceleration of global e-commerce. This is why companies at risk of fraud invest in machine learning as a preemptive approach to tackling this problem. As a business leader, you ask yourself: how can I start implementing this AI initiative in my organization? What are the initial steps? What should I prioritize? How to measure the outcomes? In this virtual event, we will go over fraud detection and prevention across various industries with real-world examples, demonstrating how H2O.ai has helped some of its customers, such as AT&T and PayPal. The goal is to provide our audience with a playbook on general relevant actions on how to detect and prevent fraud using AI.
American Express (Amex) is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. And inside the company, the Amex Credit Fraud Risk business unit's mission is all about minimising credit and fraud losses while promoting business growth and delivering superior customer service. Nothing about this will surprise you so far, we're presuming. What may: while the financial services industry uses digital for just about every process imaginable, there's one surprising remaining exception-the commercial card underwriting process, which to you and me is'Are you going to lend my small business any money?' In a lot of Europe, this process is still completely manual and takes an underwriter a good chunk of time to complete.
Synthetic Identity Fraud is the fastest-growing financial crime in the U.S. Payments System. FiVerity develops and markets AI and Machine Learning solutions that detect sophisticated forms of cyber fraud, delivering actionable, proactive threat intelligence. The company's solutions meet the unique requirements for financial institutions with consumer offerings, including banks, credit unions, credit card providers, and online lenders. SynthID Detect identifies fraud and cyber threats at your financial institution in real-time.