AI Systems Adapt to Shifts in Spending
With a massive shift to online spending due to the global pandemic, computers as well as humans, are adapting to the current circumstances. Featurespace Founder, Dave Excell speaks to The Telegraph about small tweaks needed from a fraud prevention system.
The current pandemic has meant that people's spending patterns have changed which caused artificial intelligence systems tracking their behaviour some confusion as new patterns emerged. Dave Excell notes that people spending more money on home improvements has been one of the key shifts for spotting and preventing fraud. “Power tools are ideal for fraudsters because they retain a lot of their value and have a high resale price.” Dave says. Whilst systems have performed well and adapted accordingly, a small alteration to account for the increase in spending on DIY online, which offers the perfect mask for fraud, has been made.
But as the world remerges from the lockdown and normal spending begins to resume, businesses need ensure that they can get back to those normal spending patterns, Dave advises.
Read the full article from The Telegraph here.
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About Featurespace – www.featurespace.com
Headquartered in the U.S. and U.K. and with offices in Atlanta, Cambridge and London, Featurespace™ is the world-leader in fraud prevention and creator of the ARIC™ platform, a real-time AI machine learning software that risk scores events in more than 180 countries.
The ARIC platform combines adaptive behavioural analytics and anomaly detection to automatically identify risk and catch new attacks as they happen. The increased accuracy of understanding behavior strikes the balance between improving fraud and risk detection and operational efficiencies, while also reducing the number of genuine transactions that would be incorrectly declined by as much as 70 percent.
Michael Touchton, Featurespace
U.S. Marketing Manager
+1 (423) 364-5491