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10/06/2019
Chase Taps Machine Learning For Proactive Approach To Fraud
PYMNTS.com
Consumers want their digital banking experiences to do more than just provide security, and processes that are not seamless could frustrate them into seeking alternatives.
This means that the financial services market is facing a Goldilocks conundrum. Authentication measures cannot be so rigorous that they alienate legitimate customers, but they also cannot be so lax that bad actors gain access with ease. The balance has to be just right.
Banks are employing artificial intelligence (AI) and machine learning (ML) tools to strike that balance.
Recent data found that 77 percent of banks are already putting AI solutions to use, Chase among them. It is embracing AI and ML to help customers conduct business while preventing fraudsters from making off with data or financial assets. Andrew Sloper, head of digital identity and authentication at Chase, recently spoke to PYMNTS about how these solutions allow the bank to deliver seamless and secure user experiences while enabling a preventative approach to fraud.
“What we aim to do as a bank is keep in mind that our main focus is to protect customers, their data and their money and deliver a digital experience,” Sloper said.
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