Featurespace: can machine learning and maths help banks detect digital fraud?

It’s an event that plays out thousands of times across the UK every day. A consumer tries to pay for their weekly grocery shop using a credit card but with the bags packed at the till is unexpectedly told that it has been ‘declined’. The card is well within its credit limit, the PIN number is correct, the consumer has made numerous other purchases in the preceding weeks and yet there is no way around the reality of having no plastic money to spend.For the financial services industry these ‘false positives’ have become a growing issue. As well as annoying customers and merchants they cost the industry in terms of the manual intervention necessary to authenticate users and unblock cards. Every financial services firm will claim it has specialised fraud-detection…


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