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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.


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

#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.


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.


Nvidia CEO "enthusiastic" about data center business, revenues grow 63% YoY

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Romit Shah, of Japanese financial holding company Nomura, has raised his rating on the shares in silicon specialist Nvidia, after spending time with CEO Jen-Hsun Huang and hearing about the company's plans for the future. Nvidia's year-on-year data center revenues grew by 63 percent last quarter, mostly due to the "broad adoption" of Tesla M40 GPU accelerator. Nvidia claims that for machine learning workloads, the accelerator can deliver eight times more compute than a traditional CPU. Speaking to analysts earlier this year, Nvidia's CEO shared his views on the importance of machine learning: "In terms of how big that is going be, my sense is at almost no transaction with the Internet will be without deep learning or some machine learning inference in the future.