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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.


Gartner Identifies Three Megatrends That Will Drive Digital Business Into the Next Decade

#artificialintelligence

Artificial intelligence (AI) everywhere, transparently immersive experiences and digital platforms are the trends that will provide unrivaled intelligence, create profoundly new experiences and offer platforms that allow organizations to connect with new business ecosystems. "In addition to the potential impact on businesses, these trends provide a significant opportunity for enterprise architecture leaders to help senior business and IT leaders respond to digital business opportunities and threats by creating signature-ready actionable and diagnostic deliverables that guide investment decisions." "When we view these themes together, we can see how the human-centric enabling technologies within transparently immersive experiences -- such as smart workspace, connected home, augmented reality, virtual reality and the growing brain-computer interface -- are becoming the edge technologies that are pulling the other trends along the Hype Cycle," said Mr. Walker. This research is part of the Gartner Trend Insight Report "2017 Hype Cycles Highlight Enterprise and Ecosystem Digital Disruptions."


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.