Today, the fraud risk for e-commerce companies is higher than ever before. And companies conducting business online must deal with many types of online fraud. The increasing risk of online fraud and constantly evolving tactics of fraudsters are forcing businesses to rethink their strategies when it comes to preventing fraud. Many of these organizations are turning to machine learning (ML) for fraud prevention, and for many reasons.
One reason businesses are leveraging machine learning for fraud prevention is that machines can keep up with fraudsters. Online fraud is often committed in a matter of seconds and sometimes even milliseconds, speeds humans cannot handle. Another reason is that preventing online fraud involves many repetitive tasks, and machines are more efficient and better suited to perform many types of repetitive tasks than humans. Finally, algorithms can be trained and fine-tuned to see patterns in data that humans cannot.
The number of companies building fraud models is increasing rapidly. And Whitepages Pro provides a suite of identity data APIs that can be used to significantly improve the performance of fraud models and fraud prevention systems. We also help data scientists with their ML models.
One of these companies that uses the Identity Check API to improve the performance of their fraud model is Blispay. Click here to read more.