The fraud detection paradox—to tighten or loosen

| December 13, 2018

article image
As mentioned in my Banking Use Case: Detecting Online and Mobile Fraud with AI, banks can approach the problem of false positives by 1) drastically lowering fraud detection thresholds, which can increase the rate of false positives, or 2) tightening fraud detection models to lower the number of false positives, which increases the likelihood of missing real fraud. Hence, the fraud paradox.

Spotlight

NORD/LB

With total assets worth 164 billion euros and 6,450 employees, NORD/LB is one of the ten biggest banks in Germany. Its registered offices in Hanover, Magdeburg and Braunschweig prove that the bank has retained its roots in the federal states of Lower Saxony and Saxony-Anhalt, which hold legal and economic responsibility for the bank. As a commercial bank, NORD/LB provides an attractive and comprehensive offering of financial services to private, corporate and institutional customers as well as to the public sector, in Northern Germany and well beyond this core region. For example, NORD/LB participates in the structured financing of international projects, particularly in the areas of energy, infrastructure, shipping, aircraft and real estate.

OTHER ARTICLES

How to enhance the customer experience in the Fintech Industry

Article | February 25, 2020

Fintech or Financial technology is the industry that delivers traditional financial services in a technical manner. The industry has been there for a long time but made significant growth in the previous few years. New cryptocurrencies and payment solutions are surfacing, and the industry is projected to make significant growth of $309.98 billion at an annual growth rate of 24.8% through 2022.

Read More
BITCOIN AND CRYPTO

Coinlager – Non-custodial crypto exchange, like the history have taught us

Article | February 25, 2020

If the history have taught us anything it’s to never trust anyone else with your digital money. That is why when dealing with digital money such as cryptocurrency or tokens you should always store it at another place from where you bought it. Coinlager is doing exactly this, focusing on what its primarily feature is – to allow customers to buy cryptocurrencies in a quick, transparent and safe manner. Ever since Satoshi mined the first Bitcoin crypto has been on the rise. In the beginning it was more of a subculture rather than a respected currency, something which has definitely changed over the past decade. There was one company for those of you who remembers called MT Gox that was the number 1 choice for any cryptocurrency trader between 2010 – 2013, at most the covered 70% of the Bitcoin tradable market. In February 2014 it however came to an abrupt stop since MT Gox announced that approximately 850,000 Bitcoins had been stolen from their Hot Wallet, valued at $450 million at that time. Even though the MT Gox hack is by far the biggest almost all of the larger exchanges have at some stage been targeted by hackers and in some cases succeeded in stealing cryptocurrencies. “We were actually one of the early adapters to crypto back in 2011, using MT Gox as a day-trading solution to increase our assets of Bitcoin. Everything were going smoothly until the crash in 2014 where we also lost all our Bitcoins. We haven’t really spent too much time dwelling on it, but when we see that people are still relying too much on using the same company for both thee crypto and the wallet service we thought we had to do something about it. The problem has always been that seperatiing the two services have not been user-friendly – this is what we are changing, giving the customers a super easy and quick way to buy their crypto and send it over to their desired wallet.” Krzysztof Mysiak So what is it that Coinlager essentially does? It’s simple, we sell cryptocurrencies to the customers. Customers can register over at Coinlager in seconds and be able to purchase their favourite cryptocurrency immediately. Relying on modernised technologies we can verify the customers in real-time, giving them the chance to not have to wait for hours or even days when their account becomes activated. It doesn’t have to be overly complicated where customers do not understand what they are buying or how much it costs. With Coinlager we show the customers A) What they are buying B) What our fees are C) Where the crypto will be sent to (customer’s choice). If you are interested in buying crypto, come check us out here: https://coinlager.com/ If you have a question, feel free to email us at hello@coinlager.com

Read More

How Financial Advisors Can Use Social Media to Build a Brand

Article | February 25, 2020

Most advisors know they should be using social media, but running a successful advisory business requires dealing with a lot of moving parts. When you’re handling a client crisis or slogging through the daily routine that comes with managing a team of financial professionals, it can be easy to let something like posting on Twitter fall by the wayside. After all, isn’t social media just a distraction from your actual work?

Read More

5 Ways AI can Transform Fintech Industry

Article | February 25, 2020

Fintech is one of the fastest-growing industries, owing to the rising penetration of internet users. There is a paradigm shift to mobile devices for performing financial transactions and related actions. Behind the booming fintech market, there are several technologies that are contributing to making the system fast, secure, and scalable. One such technology is Artificial Intelligence (AI). The AI in the fintech market is estimated to reach USD 35.40 billion by 2025 ( Mordor Intelligence).

Read More

Spotlight

NORD/LB

With total assets worth 164 billion euros and 6,450 employees, NORD/LB is one of the ten biggest banks in Germany. Its registered offices in Hanover, Magdeburg and Braunschweig prove that the bank has retained its roots in the federal states of Lower Saxony and Saxony-Anhalt, which hold legal and economic responsibility for the bank. As a commercial bank, NORD/LB provides an attractive and comprehensive offering of financial services to private, corporate and institutional customers as well as to the public sector, in Northern Germany and well beyond this core region. For example, NORD/LB participates in the structured financing of international projects, particularly in the areas of energy, infrastructure, shipping, aircraft and real estate.

Events