How do credit card companies investigate fraud
USI project prevents credit card fraud
An algorithm developed at the University of Italian Switzerland (USI) is intended to detect and prevent fraudulent credit card transactions in the future. It was developed as part of a research project funded by the AXA Research Fund. According to the project supervisor and head of the Data Science Lab at USI, Prof. Antonietta Mira, the chances are good that both AXA and other credit card companies will work with the algorithm in the future.
"We have developed a system that works in two phases - a training phase and a subsequent classification phase," explains Dr. Bruno Buonaguidi from Prof. Mira’s team in a press release. In 2016, he won the corresponding post-doctoral call from the AXA Research Fund.
First, the algorithm studies both the behavior of credit card users and the characteristics of reported fraudulent transactions. He calculates an individual threshold for each person. It indicates that a transaction is likely to be either okay or fraudulent. A fraud alarm is triggered if, for example, the period between two transactions is very tight or if they are made with unusually large amounts and in different locations than usual.
According to the USI, the annual fraud damage to credit card companies worldwide amounts to around 25 billion dollars. It could double by 2025.
According to Antonietta Mira, “the prospects for application by our project partner and other credit card companies are good”. The algorithm has been tested on real data and compared with other common machine learning methods. Her team was able to show that the percentage of fraudulent transactions found exceeded that of false reports. mm
- What can we do in Mumbai
- Why is the government not banning unions?
- Selling web design services is still profitable
- Chronic illness disappears
- Have cows vagina
- Are tomboy lesbians
- How does land mass affect a typhoon
- How do scientists make money?
- Do you prefer breakfast or dinner
- What are the best software developing countries
- Which sign language is generally understood?
- Why do some people dislike classical music?
- What is MT 102
- Genetically speaking, are Lebanese Christian Maronite Arabs
- Can I get a startup company list?
- Why my legs hurt when I run
- Are summer internships in Norway mainly paid?
- Life advisor the glamorous life
- What are the different types of karate
- Why does nothing feel real to me
- Where does Red Lobster get its seafood from?
- How are players paid so much
- What makes you angry as a surgeon
- What makes someone bite their lip