How This Company Taught the World to Use ML for Payment Fraud

May 6, 2018

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MONTHLY ANALYSIS

In the late 90s, after an initial period of growth, PayPal met a formidable challenger – fraud!

Fraud is a huge threat to any card processing business. The major card networks (Visa, Mastercard, etc.) are, justifiably, quick to identify and mitigate any (and all) risk. If you are a card-accepting merchant, you should expect a call from Visa or Mastercard when chargebacks start moving above 1%, along the lines of reduce your chargeback or else…

PayPal was processing millions of transactions per month, and they needed a solution, and they needed it ‘yesterday.’ The team turned to Max Levchin to start reducing fraud on their network. So what did he do? His team reviewed every transaction, manually, for weeks. Just kidding! They used intelligent algorithms and machine learnin ...

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