Fraud Detection

Payment fraud is an ideal use case for machine learning and artificial intelligence (AI), and has a long track record of successful use. When consumers get a call, text, email or in-app messages from their card issuer asking them to validate a transaction, or informing them of fraud on their card, they may not even suspect that behind this bit of excellent customer service are a brilliant set of algorithms.

Identifying nefarious transactions while delivering quality customer service is a delicate balancing act. An organization that frequently declines legitimate transactions or makes its authentication measures too cumbersome is apt to lose customers. ML systems are ideal for minimizing this type of friction.

Traditionally, organizations have relied on rules-based systems to detect fraud. Rules employ if-then logic that can be thorough at uncovering known patterns of fraud. And although rules remain an important fraud-fighting tool, especially in combination with advanced approaches, they are limited to recognizing patterns you already know and can program into the logic. They’re not effective at adapting to new fraud patterns, uncovering unknown schemes, or identifying increasingly sophisticated fraud techniques. That's where Accupi steps in to assist with fraud detection.