MIND YOUR BIZNESS
* If a purchase is being made in person, is the location of the store unreasonably far from the location of a recent in-store purchase?
In about a millisecond, this information is assessed and fraud is rated on a scale of 1 to 99. The higher the number, the more risky the transaction. The risk score is then sent to the cardholder's financial institution, where the decision is made to either approve or decline the transaction.
Some people may long for the days
when life was simpler and more analog. However, artificial intelligence is having a big impact in the effort to prevent credit and debit card fraud and is becoming more sophisticated every day. It's fast, accurate and efficient, but also enables highly intelligent predictive analytics to help identify and prevent fraud before it can happen.
For many, this is yet another example of technology continuing to play a larger role in our lives - perhaps this time for the better.