Machine learning: Real-time fraud detection across cards and accounts
Mercator Advisory Group recently released a new study entitled “Five Technologies That Will Impact Payments and Financial Institutions Going Forward,” and machine learning has topped the list.
While the predictive analytics delivered by machine learning have long been leveraged by neural networks to detect fraud, to date even the most advanced systems have required manual programming in order to perform.
However, a new generation of machine learning technology is quickly emerging for fraud detection – and it is faster and smarter than ever. And the ability of these tools to dive deep into transaction data, pinpoint anomalies, and make instantaneous decisions about fraud as it unfolds is projected to save our industry billions.