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How can Machine Learning Secure an Online Payment?

December 11, 2018 No Comments

Featured article by Lisa Cook, Independent Technology Author

There millions of people who are making online payments right now which gives cashless payment system a great boost but others do tend to refuse to implement it as many are afraid to fall into the trap of fraudulent acts. Mobile phones are pushing ecommerce payment gateway which means that consumers are using it like never before and it is convenient and one doesn’t need to purchase it offline or visiting the store. One should understand that machine learning reduces the risks of fraud when doing online payments. As companies are growing every other day its become important to adopt online payment systems and make aware of how machine learning helps them to stay secure.

The advantage of machine learning is that it has self-learning ability as it accumulates data, analysis algorithm which increases its efficiency to learn things faster and it does the same with an online payment that makes it more secure. Online payment is very convenient to use and one can look from a different perspective and claim that it saves the environment by not using cash. Notes are made from natural and other resources, developed countries are using it for a long time and so developing countries are promoting it to save the environment and their land.

It is important to understand that not every website is safe and especially the sites which deals with a cashless payment system. Many e-commerce sites are secure but not all of them which is why one should note that the link that has https is trustworthy instead of http as the later one is not verified by the servers or it might not have been found safe. Machine learning makes the person free any major and minor threats and it is necessary to acknowledge the fact that as the technology is advancing, things are getting more secure.Today, mobile phones are misused by fraudsters and one might not even realize it which is a huge worrisome issue.

A cashless payment system is made safe to an utmost level that people are making online transactions on an international level which makes the world feel small and connected. The other thing that one must learn is that at times a person can see repeated sentences and phrases in the attacks and surprisingly many of the attacks made are not always strong. There are various ways that attackers use to perform these malicious tasks and machine learning learn their tactics to block the incomings but they need human help at times. When an unknown transaction occurs then an individual needs to pay attention to it as it can be a fraud activity which is taking and file a complaint so that in near future it won’t happen.

Machine learning does prevent fraud in many of the situations that’s the reason why big companies are investing a lot of money to avoid such situations and it can help the investors grow tremendously in their field of business. Finally, new technologies and its advancements are playing a huge in making human life as easy and safe as possible but one needs to use the technology in the safest way.

 

DATA and ANALYTICS , SECURITY

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