Author Topic: Sift Science uses machine learning to help businesses reduce fraud while enhancing the user experience​  (Read 21 times)

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Offline Scarlett

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Sift Science uses machine learning to help businesses reduce fraud while enhancing the user experience​
28 April 2017, 6:21 pm

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Companies that provide online transactional services to consumers or other businesses have to be concerned about fraud. Whether it is renting hotel rooms to travelers, selling books to avid readers, arranging shipping services for hard goods, or any of the thousands of other types of sales and services transacted online, the entity behind the online business needs to know if the end user and transaction can be trusted.

The credit reporting company Experian says that e-commerce fraud attack rates spiked 33% in 2016 compared to 2015. Experian attributes this increase to the recent switch to EMV (those chip-based credit cards), which drove fraudsters to online card-not-present fraud, and to the vast number of data breaches in which users’ online credentials were stolen. The Federal Trade Commission says the number of consumers who reported their stolen data was used for credit card fraud increased from 16% in 2015 to 32% in 2016.

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Source: Network World Security

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