“Last year, BBVA worked with a team of MIT researchers to develop a model based on machine learning algorithms that can reduce the number of false positives related to fraudulent credit card transactions by 54 percent. The new approach, known as deep feature synthesis (DFS), facilitated the extraction of more than 200 additional attributes from each transaction, which served to provide a more detailed description of the credit/debit card transaction behavior, thus improving the fraud detection engine results.”
“He sees AI as steadily gaining ground in much the way internet did as it rapidly became part of everyday life.
‘It is already huge in every industry,’ he said. ‘What is happening with artificial intelligence is that it’s becoming more and more prevalent and people don’t realize it. In most of the things we do — marketing, risk detection, advice, fraud, operations — we are using AI at different levels of sophistication.'”