by John Adams explores how machine learning technology is advancing fraud prevention in finance.
Martina King explains that this machine learning technology self-learns, so the model does not require re-tuning. The ARIC Risk Hub monitors customer data and credit lifecycles in search of anomalies, instead of searching for indicators of known fraud. This allows the models to flag unknown, new types of fraud in real-time and prevents fraud as it occurs.
Rick Oglesby from AZ Payments Group agrees that machine learning is a big step forward in fraud detection. It mitigates the problem of fraud increasing again once criminals figure out how to get around it. Instead, the models evolve as the criminals do.
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