Financial frauds can not only cost you a fortune but also hurt your customers in numerous ways. Worse, they take away the trust that your customers had towards your brand.
A 2018 report has revealed that the global economy has to lose £3.24 trillion each year owing to financial fraud. In this scenario, how can organizations improve their fraud detection strategies to prevent such activities in real-time?
Traditional fraud detection techniques cannot account for the novel ways that fraudsters are coming up with. They can only resolve a fixed set of scenarios that are defined manually by fraud analysts. On the other hand, Machine Learning can account for automatic detection of future scenarios using smart algorithms. And what takes Machine Learning a step further is Ensemble Learning for fraud detection. It combines multiple ML models to come up with better results.
In this webinar, learn how your payment fraud detection system can be made better with Ensemble Learning along with a focus on the XGBoost Algorithm.
Software Consultant at Knoldus Inc.