Microsoft Artificial Intelligence solution to take 2 seconds to detect banking frauds

3 months ago

Azure Machine Learning is creating a fraud detection solution to reduce the time it takes a bank to react to a fraudulent transaction. 

"Most mobile fraud occurs through a compromise called a SIM swap attack in which a mobile number is hacked. The phone number is cloned and the criminal receives all the text messages and calls sent to the victim’s mobile device. Then login credentials are obtained through social engineering, phishing or an infected downloaded app. With this information, the criminal can impersonate a bank customer, register for mobile access, and immediately start to request fund transfers and withdrawals." The press release states
The solution is a behavioral-based AI approach and can be much more responsive to changing fraud patterns than rules-based or other approaches.
"To be effective, detection needs to occur in less than two seconds. This means less than two seconds to process an incoming mobile activity, build a behavioral profile, evaluate the transaction for fraud, and determine if an action needs to be taken."

The approach described in this solution is based on:
1. Feature engineering to create customer and account profiles.
2. Azure Machine Learning to create a fraud classification model.
3. Azure PaaS services for real-time event processing and end-to-end workflow.


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