Most traditional fraud detection systems are slow, inaccurate, and outdated. Machine learning models can react swiftly and adapt constantly, making them the ideal alternative. Developers who properly train and implement these algorithms can prevent fraudulent activity at a scale never before seen.
Why Use Machine Learning Models for Fraud Detection?
Fraud is growing more severe every year, causing increasingly significant damage. Online payment fraud caused $41 billion in e-commerce losses in 2022 alone. Conventional detection systems are no longer effective.