Fraud attacks are getting to be more sophisticated – as technology evolves fraudsters have elevated their game on payment fraud and money laundering. With access to faster and cheaper computing, fraudsters have shifted their targets to more profitable weaker points in the financial services chain.
Sixty-five percent of organizations with annual revenues of at least $1 billion were victims of payments fraud in 2014 compared to 56 percent of companies reporting annual revenues of less than $1 billion.
With that, machine learning is quickly becoming a leading tool to prevent and read fraud before and when it is happening. Check out this white paper from Feedzai and First Data HERE