In a world where there are no absolute security guarantees, any organization could potentially become a victim of fraud. And non-profit companies, too - because data sometimes takes on even more weight than pure money. The more companies come up with protection methods, the more scammers come up with ways to outwit them in return. This is like running in a vicious circle, and the only thing that can break this circle is the ability to predict fraudulent attempts and prevent them. Machine learning is capable of this, and in this article, we will look at how fraud detection with ML works for different industries.
Fraud Detection with ML for Different Industries
Every year, a business loses up to five percent of profits due to fraud. It may seem that this is a very small amount, which is not worth worrying about, but in monetary terms, this figure can reach almost four billion dollars. That is, four billion is the net income of fraudsters, which very often is reinvested in other illegal operations. This situation clearly requires a response.
“Businesses can no longer afford to leave machine learning out of their fraud detection arsenal,” said Ashley Kramer, SVP Product Management at Alteryx.
In practice, ...
Read More on Datafloq
No comments:
Post a Comment