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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Payment Industry Trends – The Future is Now
The financial services industry is currently transforming into a completely digital sector, with payments being one of the key areas experiencing rapid growth. Consumers have a variety of alternative payment options to select from, including open banking, e-wallets, mobile payments, prepaid cards, and distributed ledgers, which all derive from major industry trends.
Keep on reading to discover the most important payments trends at the moment.
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How Blockchain Can Reduce and Prevent Payment Fraud
We live in a digital era, where we are using technology daily. And in this technological age, fraud is an increasing concern for businesses all over the world. But the fraud detection capacities that many companies are looking for, could be performed by a cutting-edge technology called Blockchain.
Blockchain is a shared ledger that is decentralized and immune to manipulation. It enables confirmed users to store, view, and share digital information in a security-rich setting, which serves to promote trust, accountability, and transparency in business relations. Attempting to gain on these benefits, companies have been searching for ways to use Blockchain technology to prevent fraud in industries such as finance, identity management, and supply chain.
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