How to Use Machine Learning in Fintech for Fraud Detection?
Nowadays, technology advancements such as Artificial Intelligence and Machine Learning algorithms are being used in banking to identify fraudulent behavior more precisely in real-time and with a lower percentage of incorrect declines.
Many businesses are affected by fraud detection, including banking and financial services, insurance, healthcare, government agencies, and so on. In plain terms, fraud detection is a mechanism for detecting and blocking suspicious activity to prevent businesses from being jeopardized.
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