American Express has been a leader in using artificial intelligence and cognitive technologies for years. As a global financial services institution with a loyal customer base, keeping their customer’s accounts safe and secure has always been top priority. Being able to spot and stop fraud has been a priority at American Express for quite some time. In recent years, the use of artificial intelligence has helped the company really advance their fraud detection efforts.
For decades, financial services companies have been among the earliest adopters of the latest analytical methods, staying one step ahead of fraudsters in order to protect their customers’ personal and account information. The finance industry is still on the cutting-edge, no single advancement has shifted the success rate of stopping fraud more than machine learning. Machine Learning has three key advantages over previous logistical regression models, they are:
- Capture non-linear trends and interactions between variables more effectively resulting in greater accuracy
- Rapid deployment of a single global modeling solution enabling agility and capture of geographically migrating trends
- Releases team bandwidth which can be invested in advancing data science