Boosting Secure Digital Payments with ML Fraud Detection
Boosting Secure Digital Payments with ML Fraud Detection Introduction The rapid proliferation of digital payments in recent years has led to increased fraudulent activities. This is a serious concern for consumers, financial institutions, fintech enterprises, and even the government. Many organizations are working to identify various methods, including machine learning (ML), to detect fraudulent activities. Businesses are discovering that the effective use of ML algorithms combined with traditional digital payment methods can improve fraud detection. Instant payment adoption is on the rise by many industry leaders, including those in gig work like DoorDash and Instacart. Banks are incorporating new real-time transaction and payment protocols. In addition, mobile payments are expanding, with mobile wallets and contactless payments—such as Apple Pay and Google Pay—becoming ubiquitous, allowing secure one-tap payments via biometric authentication, like fingerprint scanning a...