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Fraud Detection with Machine Learning For e-Commerce and Retailers

GROWING IDENTITY COSTS ERAUD THE FRAUDULENT ACCOUNT OPENINGS In 2016, fraudsters became more adept at opening new accounts using falsified identities. OF 15% 13% More than ever costing us before! త తతతత తతతతతత్ of NAF victims discovered fraud by reviewing their credit report of NAF victims discovered fraud when contacted by a debt collector $16.8 Billion SYNTHETIC IDENTITY 16.7 Million Using modified or fictitious PlI, fraudsters create an entirely new ID (called a synthetic identity). The results: U.S. consumers were impacted in 2017 This means protecting you and your customers is more important than ever before. Here's a look at how fraud- sters are quickly refining their tactics to defraud businesses and consumers. తతతతతత $6 Billion $15 K is the cost to the credit card industry in 2016 from synthetic identify fraud is an average loss per incident STOLEN PERSONAL IDENTIFYING INFORMATION (PII) PROTECT YOUR COMPANY Fraudsters use stolen PII to: Many solutions to prevent identify fraud FAIL today because they rely solely on traditional data sources: A housing records õpen loans and credit cards buy cars, cellphones, and other goods utility records postal service T records gain entry into bank and credit card accounts bank account information credit reports oknown associations email records í But solutions WORK only | if they combine traditional data sources with non-traditional data! social media profiles Stolen PII in 2017:- mobile phone numbers $290 GIACT provides solutions to protect your company and your customers. 120% 62.2 Million average in losses per person hours to resolve increase (from 2016) in losses to victims Sources: • Javelin, 2017, 2018 dentity Fraud Studies • Auriemma Consulting Group GIACT 10 million hours DENTIFY VERY AUTHENTCATE

Fraud Detection with Machine Learning For e-Commerce and Retailers

shared by angelajensen84 on Aug 16
Fraud Detection with Machine Learning For e-Commerce and Retailers. What is the best approach to implement eCommerce fraud solutions -


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