Cloud Computing Credit card companies have a vested interest in identifying financial transactions that are illegitimate and criminal in nature. The stakes are high. According to the Federal Reserve Payments Study, Americans used credit cards to pay for 26.2 billion purchases in 2012. The estimated loss due to unauthorized transactions that year was US$6.1 billion. The federal Fair Credit Billing Act limits the maximum liability of a credit card owner to $50 for unauthorized transactions, leaving credit card companies on the hook for the balance. Obviously fraudulent payments can have a big effect on the companies’ bottom lines. The industry requires any vendors that process credit cards to go through security audits every year. But that doesn’t stop all fraud.In the banking industry, measuring risk is critical. The overall goal is to figure out what’s fraudulent and what’s not as quickly as possible, before too much financial damage has been done. So, how does it all work? And who’s winning in the arms race between the thieves and the financial institutions?Gathering the troopsFrom the consumer perspective, fraud detection can seem magical. The process appears instantaneous, with no human beings in sight. This apparently seamless and instant action involves a number… Read full this story
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Machine Learning and Big Data Know It Wasn’t You Who Just Swiped Your Credit Card have 320 words, post on www.scientificcomputing.com at November 30, 2015. This is cached page on Konitono. If you want remove this page, please contact us.