Using machine learning to fight fraud may just be starting to see its day in the sun, but if industry trends are to be believed, it’s fast becoming the soul of the global fraud fighting machine.
From offering fraud protection to identity verification, machine learning is increasingly being used by companies small and large to build out their next generation of products.
Across the Digital Identity World
In the last month alone, the digital identity space has seen numerous players roll out upgrades to their tools and services, which are now being powered by deep learning algorithms.
In Cyprus, for example, AU10TIX announced the launch of its new OCR reader that utilizes deep learning algorithms to decipher complicated language fonts and extract content from difficult-to-read ID documents.
Back in the states, Calif.-based Sift Science debuted its account takeover (ATO) prevention tool. The tool utilizes machine learning and behavioral analytics to award an ATO risk score for all login attempts being made on a partner merchant’s website.
Meanwhile, a host of other players across the world recently debuted products that establish digital identity using biometric authentication tools.
In a notable partnership, Gemalto and IER are using facial recognition and automated document authentication technology for their “Fly to Gate” solution. The solution serves a fully automated, self-service airport, where travelers can self-check-in and zip through automated bag drop points, border control, security and boarding gates.
For a roundup of the latest notable news in the digital identity space, check out the News and Trends section in April’s Digital Identity Tracker™.
Machine Learning Gets the Problem-Solving Call
Machine learning has evolved to become not just the brains behind AIs, but also the answer to eradicating financial fraud from its deepest trenches.
For the April Tracker’s feature story, PYMNTS caught up with Nuno Sebastiao, co-founder and CEO of Feedzai, a fraud-fighting, machine learning platform that uses machine learning to help merchants combat fraud.
Machine learning, as he puts it, may not be the ultimate fraud fighting technology, but it is the best at connecting dots, within troves of data, to nab fraudsters.
In the end, Sebastiao said, “The problem to address is, how do you cohesively use an AI with the data that you have to effectively mitigate the issue while ensuring that the customer experience is there?”
Find the full story inside this month’s Tracker.
To download the April edition of the PYMNTS.com Digital Identity Tracker™, click the button below.
About the Tracker
The PYMNTS.com Digital Identity Tracker™ is a forum for framing and addressing key issues and trends facing the entities charged with efficiently and securely identifying and granting permission to individuals to access, purchase, transact or otherwise confirm their identity.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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