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Machine Learning And Big Data Know It Wasn't You Who Just Swiped Your Credit Card

International Business Times

You're sitting at home minding your own business when you get a call from your credit card's fraud detection unit asking if you've just made a purchase at a department store in your city. It wasn't you who bought expensive electronics using your credit card – in fact, it's been in your pocket all afternoon. So how did the bank know to flag this single purchase as most likely fraudulent? Credit card companies have a vested interest in identifying financial transactions that are illegitimate and criminal in nature. According to the Federal Reserve Payments Study, Americans used credit cards to pay for 26.2 billion purchases in 2012.


The Deep Learning Age Of Computing – Saad Hussain – Medium

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Last year, we pitched our deep learning and AI-based fraud protection product, DeepShield.ai, to financial institutions. Mechanical device programmers had a hard time understanding how logic can be programmed by simply printing on a circuit board. This time printed circuit board programmers had a hard time understanding how can logic be re-programmed on the same printed circuit board through software. Software revolutionized the world in the late 20th century; I believe deep learning will revolutionize the world in the 21st century in a much more dramatic way.


Machine learning and big data know it wasn't you who just swiped your credit card

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The industry requires any vendors that process credit cards to go through security audits every year. A machine learning algorithm for fraud detection needs to be trained first by being fed the normal transaction data of lots and lots of cardholders. Fraud detection is an arms race between good guys and bad guys. At the moment, the good guys seem to be gaining ground, with emerging innovations in IT technologies such as chip and pin technologies, combined with encryption capabilities, machine learning, big data and, of course, cloud computing.


Everything you want to know about how AI is transforming banking but were too afraid to ask

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The rise of artificial intelligence (AI) is set to change the way banks and financial services operate, as well as the way consumers approach their personal banking. Powerful AI can replace humans with machines, improve customer experience and provide simplified cost-effective solutions for businesses. AI is the science of creating intelligent machines and computer programs that can replace human tasks. Computer programs have vast capabilities to execute tasks quicker than humans can, with embedded algorithms that leave less chance to make human error. Robert Smith, Chairman and CEO of Vista Equity partners said at The World Economic Forum: "Since the invention of computers, we have envisioned that computer systems will take the best of what we think and deliver real time solutions that are more efficient and efficient.


How Banks Use Machine Learning to Know a Crook's Using Your Credit Card Details

#artificialintelligence

The industry requires any vendors that process credit cards to go through security audits every year. A machine learning algorithm for fraud detection needs to be trained first by being fed the normal transaction data of lots and lots of cardholders. Fraud detection is an arms race between good guys and bad guys. At the moment, the good guys seem to be gaining ground, with emerging innovations in IT technologies such as chip and pin technologies, combined with encryption capabilities, machine learning, big data and, of course, cloud computing.


Machine learning and big data know it wasn't you who just swiped your credit card

#artificialintelligence

You're sitting at home minding your own business when you get a call from your credit card's fraud detection unit asking if you've just made a purchase at a department store in your city. It wasn't you who bought expensive electronics using your credit card – in fact, it's been in your pocket all afternoon. So how did the bank know to flag this single purchase as most likely fraudulent? Credit card companies have a vested interest in identifying financial transactions that are illegitimate and criminal in nature. According to the Federal Reserve Payments Study, Americans used credit cards to pay for 26.2 billion purchases in 2012.


No Match for Machine Learning: How the Future of Computing is Solving Difficult Problems from Terrorism to Cancer to Climate Change

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As human perception and sensory is successfully mimicked in large-scale, algorithmically controlled machines and advancements involving vision, speech, pattern recognition, and cognitive computing continue to improve, the utility of these solutions in our everyday lives will also continue to grow. These technologies are quickly moving into the mainstream and many of our most influential thinkers in the technology world believe that machine learning, deep learning and artificial intelligence will dominate and define the next major era of computing. Over the past few weeks, I have read some fascinating accounts that highlight how machine learning and artificial intelligence are creating unbelievable value. There have been hundreds of great examples, but I've narrowed this initial list down to only ten: Eric L. Miley is a technologist and analytics expert that has spent the last decade studying public system transformation, business strategy, new venture creation, technology change, advanced analytics and most recently – advancements in the fields of machine learning and artificial intelligence.