Fraud Detection Using Advanced Machine Learning For E-Commerce And Financial Services

How many of you refrained from online shopping during the pandemic? No, every one of us preferred shopping for clothes, electronics, household items, groceries, and everything using mobile or the web. Digital fraud on the banking and financial services platforms, e-commerce, and healthcare also rose significantly with the pandemic. The increased use of mobile for different transactions was the impetus for these fraudulent activities.

The impact and growth of fraud

The cost of fraud for organizations is not just monetary but other significant risks like losing the customer. As per LexisNexis risk solutions, each dollar of fraud loss now costs US financial services organizations $4.0, and this has increased significantly compared to 2019 and 2020. Did the pandemic impact fraud? As per the Association of Certified Fraud Examiners 2021 report, 51% of organizations uncovered more fraud during the pandemic.

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