Security News > 2023 > September > Modernizing fraud prevention with machine learning

Nearly 70% of businesses said that fraud losses have increased in recent years and most businesses reported that they plan to increase their fraud management budgets by at least 8% to as much as 19%. Despite their plans to increase their fraud prevention budgets, data shows that businesses may not be completely aligned with consumer expectations.

Enable real-time fraud detection: Machine learning can help businesses detect and prevent fraud threats in real time, helping to identify both known and unknown threats to stay ahead of fraudsters.

Analyze large transactions: Machine learning allows businesses to analyze a large quantity of transactions and data sets automatically, extending fraud prevention measures across the entire customer portfolio.

Help evolve strategies by learning with time and experience: Another major benefit of machine learning is that it's continually learning from previous transactions and new fraud patterns.

A multilayered approach to fraud that leverages data, machine learning and advanced analytics is crucial for businesses trying to stay ahead of fraud trends.

Machine learning modernizes identification and fraud prevention, allowing businesses to fight new and old forms of fraud as they occur while providing their customers with a seamless, positive experience.

News URL

https://www.helpnetsecurity.com/2023/09/15/machine-learning-fraud-prevention/