Secure fraud-prone new online payments with machine learning, social-network analysis: BAE expert

The streamlining of international payment systems may have created new opportunities for criminal fraudsters, but one financial-security specialist believes the sector is finding new ways to fight back by using social-media analytics to ferret out fraudulent activity that might otherwise go unnoticed. That activity had become more likely and more easily executed with the advent of convenience-oriented mobile commerce services and payment-speeding changes such as the emerging New Payments Platform (NPP), which focus on expedience and open up new avenues for exploitation by criminals stealing third parties’ personal information. “These processes – where you’re speeding up transaction clearing and settlement from up to 3 days, down to almost instantaneous – are great for consumers but thye’re also great for the bad guys who are wanting to take advantage of it,”…


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