The fraud prevention industry is crowded with vendors offering machine learning solutions to online fraud. But is it right for your business? Machine learning is an umbrella term for the process of developing and using statistical models to make predictions based on past data. As an example, this may entail training a model on a large number of past transactions, each labeled “fraudulent” or “legit”, then asking the model to predict whether a new transaction is fraudulent or legit. The term “machine learning” is so sexy that it has become synonymous with a cure-all solution to fraud (and many other problems). I strongly believe in applying machine learning to online transaction fraud. For la
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