Machine learning is playing a role in fraud prevention: This week Versium launched its Predictive FraudScore solution to help companies weed out fraudsters from signing up for their services or conducting ecommerce transactions with them. All the organization needs is an email address.
The solution is based on Versium’s LifeData predictive analytics platform that also is behind the company’s churn, social influencer, shopper and custom scoring products. “There are three fundamental areas we bring to fraud scoring: unique data, powerful matching technology to identify and associate that data to accounts or consumers as they sign up, and applying machine learning to that unique data set to predict whether that account is likely to be associated with fraud or not,” says Versium’s CEO Chris Matty.
The FraudScore service provides an enterprise a very strong indication of whether a person is legitimately interfacing with it at the point in time that that entity registers with the company. “That’s quite upstream from where normal fraud prediction takes place,” Matty says.