Amazon Fraud Detector that detects fraud faster using machine learning is now generally available for all AWS customers
Amazon Web Services (AWS) is a subsidiary of Amazon that provides on-demand cloud computing platforms and APIs to individuals, companies, and governments, on a metered pay-as-you-go basis. In aggregate, these cloud computing web services provide a set of primitive abstract technical infrastructure and distributed computing building blocks and tools.
Now the Amazon Web Services has officially released its new Fraud Detector that detects frauds faster using Machine learning techniques.
According to AWS, Amazon Fraud Detector is a fully managed service that makes it easy to identify potentially fraudulent online activities, such as the creation of fake accounts or online payment fraud. Amazon Fraud Detector uses machine learning (ML) and 20 years of fraud detection expertise from AWS and Amazon.com to automatically identify potentially fraudulent activity so you can catch more online fraud faster.
Amazon Fraud Detector handles the heavy lifting of ML for you – in just a few clicks you can create a fraud detection model, with no prior machine learning experience required.
How does the AWS fraud detector work?
- Define the event you want to assess for fraud.
- Upload your historical event dataset to Amazon S3 and select a fraud detection model type.
- Amazon Fraud Detector uses your historical data as input to build a custom model. The service automatically inspects and enriches data, performs feature engineering, selects algorithms, trains and tunes your model, and hosts the model.
- Create rules to either accept, review, or collect more information based on model predictions.
- Call the Amazon Fraud Detector API from your online application to receive real-time fraud predictions and take action based on your configured detection rules.
“With this fully-managed service, customers can detect fraud more quickly, easily, and accurately with machine learning while also preventing fraud from happening in the first place,” Amazon wrote in a press release. “Fraud Detector detects … online payment and identity fraud, the creation of fake accounts, loyalty account, and promotion code abuse … with no machine learning experience required.”
The AWS Amazon Fraud Detector trains and deploys a model to a fully managed, private API endpoint. Customers can send new activity to the API, such as signups or new purchases, to receive a fraud risk response, which includes a fraud risk score.
However, the main motive of the creation is to detect potentially fraudulent activities happening online faster, the service is capable of detecting high-risk new account creations, keep tabs on guest checkout orders and accounts that may abuse ‘try before you buy’ policies.
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