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AI for Fraud Dispute

 
Ranch Hand
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How AI will help to prevent fraudulent transactions?
 
Marshal
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Can you envisage an algorithm or features to identify a bona fide transaction?
 
Author
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Of course it can. As a matter of fact, it is a typical use case for ML. Two years ago, I worked on a project for a bank (one of the top 10 biggest banks in the world) and they had a ML pipeline that was able to detect outliers within 50 miliseconds.
 
Greenhorn
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A typical way of detecting fraud is looking at anomalies:

- are there big sums of money moved around?
- are there many small transactions from linked accounts to some common place?
- were these accounts sleeping but then suddenly woke up and started to move money?

And things like that. A Machine Learning algorithm can detect such suspicious activity and flag transactions for futher analysis


Check this article for more details: https://tech.olx.com/detecting-fraud-rings-with-unsupervised-learning-554bedf29dbf
 
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