By Olov Renberg

It’s very clear to me that fraud prevention needs a serious update. For someone like myself, who travels extensively to speak at conferences, meet customers, or getting some well needed vacation, getting intrusive calls from my credit card provider asking questions about my weird travel patterns is among my least favorite things. It is very clear to me that machine learning could assist with fraud detection in a bigger way. I’m still to this day surprised to experience fraud alerts, sometimes even shutting off my credit cards, which then results in long phones calls with customer service despite them having extensive knowledge about my consistent, albeit weird, travel patterns. When studying my payment patterns leading up to the failed transaction, I am often lead to the conclusion that its often a rule based error or trigger that disrupted by transaction.