March 29, 2015
Security has always been a top priority at PayPal. For more than 15 years, PayPal has been committed to keeping millions of people’s money safer online. While PayPal does possesses industry-leading fraud models and verification techniques, along with a world-class security team, the company is always looking for ways to make it’s systems even more secure to stay well ahead of cybersecurity threats.
PayPal had recently announced the setup of a new security center in Israel. Located in one of the world’s top cybersecurity hubs, this new security center will help the company with tapping into the country’s cutting-edge technology and top cybersecurity talent. PayPal’s primary goal is to extend its global security leadership, and bolster its efforts in predictive threat detection and prevention. The creation of the security center is an extension of the capabilities that PayPal has already developed through the success of its Fraud and Risk Detection Center in Tel Aviv.
In order to jumpstart the new security center, PayPal recently acquired CyActive, a cybersecurity firm that specializes in technology that can predict how malware will develop. The acquisition of CyActive will immediately add great talent and future-proof technology to PayPal’s world-class security platform. With CyActive, PayPal is looking to find more ways to proactively predict and prevent security threats from ever affecting its customers.
The new security center is an important milestone and shows that security is very much in PayPal’s DNA.
PayPal’s Other Security Initiative:
We had recently talked about PayPal adopting the Deep Learning approach to fight against criminals who attempt to exploit the online payment platform. The Deep Learning approach has found effective usage in pattern-recognition tasks such as stock market prediction, sales pipeline analysis, and fraud detection. Many are calling it a new era in machine learning and artificial intelligence. It has already seen adoption by companies such as Google, Facebook, Microsoft, and Baidu.
PayPal’s efforts towards utilizing Deep Learning systems can be seen in its current anti-fraud systems. The Deep Learning systems have been effective in analyzing factors such as timelines, location, etc. as part of payment transactions. PayPal is also utilizing this Deep Learning methodology to determine which fraud-detection models will be implemented. PayPal hopes to take this Deep Learning approach forward to one day generate data driven insights in real time to curb fraud.