A machine learning model needs to be constantly improved and updated to be effective in credit card fraud detection. Otherwise, fraudsters will come up with new tricks to penetrate the system. Rules-based fraud systems and basic supervised machine learning are no longer enough to keep pace with the evolving sophistication of fraud and cybercrime. The need for intelligent fraud detection using next-generation artificial intelligence has become necessary now.<\/p>\n

Companies like Tookitaki, Feedzai, Actimize, BAE Systems NetReveal\u00ae, NoFraud, SignifyD, Iovation, Simility, and the list continues, have financial crime prevention AI\/ML solutions to iron out and control sophisticated cyber-attacks.<\/p>\n

Companies that are already using an analytical approach for fraud prevention have reported several important benefits, but there are some organizations that have held themselves back because of the seeming complexity. However, there are solutions emerging that offer stepwise integration, with intermediary steps designed to bridge the gap between traditional systems and next generation technology so that financial institutions don\u2019t have to jump straight into the most complex forms of AI and ML.<\/p>\n

Cigniti Technologies\u00a0is set to acquire Aparaa Digital, a leading AI\/ML, data engineering, and analytics services company that operates under the brand name RoundSqr. Cigniti, along with Aparaa, brings consulting-driven expertise, digital engineering, transformation, and assurance covering AI and ML capabilities.<\/p>\n

Critical AI operational challenges and ML model validation challenges are solved using Zastra, an active learning-AI based data annotation and MLOps platform.<\/p>\n

Need help? Talk to our AI ML experts to learn more about ML landscape and strategy support, model building, data analysis, annotations, and assurance, and how Cigniti can help in the AI ML digital transformation journey.<\/p>\n","protected":false},"excerpt":{"rendered":"

Scammers exist in all forms of commerce. With the advancement of e-commerce, fraud has taken on new forms and become more powerful than ever before. Fraudsters take full advantage of any loophole in any system. Preventing, detecting, and eliminating fraud is one of the major focus areas of the e-commerce and banking industries at present. […]<\/p>\n","protected":false},"author":20,"featured_media":17115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2173],"tags":[],"ppma_author":[3966],"yoast_head":"\n