With the increase in digital banking and e-commerce transactions, digital fraud has become a larger threat. There are numerous types of fraud such as account take over and new account fraud. Companies are estimated to spend >$20bn annually on fraud detection.
Since fraudsters improve their techniques over time and since number of transactions are too numerous to deal with manual controls, companies need to rely on machine learning to build resilient and efficient fraud detection systems.
What Is Fraud Detection?
Fraud detection is a major challenge for