How Banks Use Machine Learning to Know a Crook’s Using Your Credit Card Details

By Jungwoo Ryoo

You’re sitting at home minding your own business when you get a call from your credit card’s fraud detection unit asking if you’ve just made a purchase at a department store in your city. It wasn’t you who bought expensive electronics using your credit card – in fact, it’s been in your pocket all afternoon. So how did the bank know to flag this single purchase as most likely fraudulent?

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Source:: http://feeds.gawker.com/~r/gizmodo/full/~3/uQRNGVWz7og/how-banks-use-machine-learning-to-know-a-crooks-using-y-1744771152

      

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