What Role Machine Learning Can Play in Identity Theft Detection

What Role Machine Learning Can Play In Identity Theft Detection?

In the digital era we live in, nearly every transaction we do take place online and we leave a trail behind in the process which is easy to track for anyone with considerable skill in hacking. If you take a look at the state of cybercrime you are bound to feel worried because the hackers are also utilizing the latest technology and their recklessness is resulting in incidents like identity thefts.

Identity theft is increasingly becoming a threat for individuals and organizations, resulting in a huge amount of financial loss. Identity theft could occur in different ways, such as via sending fake mails which if you open can be used to grab sensitive information from the device you are using, or, via dumpster-diving methods. The problem with identity theft is that you get to learn about it much later and after losing a significant amount of money. Most of the time the amount lost cannot be recovered.

However, using machine learning techniques it is possible to overcome the shortcomings of traditional methods employed for ID theft detection and stay one step ahead to outwit the perpetrators. Machine learning has the potential to devise a smarter strategy, but, there must be professionals who have done Machine Learning training gurgaon to be able to monitor the whole process. So, let’s take a look at how machine learning can better identity theft detection process.

Authentication tests could be conducted

Machine learning could scan and cross-verify the IDs with unknown database in real-time. Using techniques like facial recognition, biometrics could actually help offer some extra support to make the process absolutely perfect. The best part of implementing machine learning technology is that there would be constant monitoring of the data. By doing so, the detection could be almost instantaneous and people could be alerted before it has a chance to snowball into something big.

Patterns get identified

Machine learning wades through tons of data to identify patterns, which could come in real handy during the process of identity theft detection.  When you use your phone or laptop every day for different tasks, you do that in a set manner, but, when that device gets compromised that pattern would certainly change. While scanning data the machine learning algorithms can detect a threat by spotting an oddity and could help in taking preventive action.

Decisions could be made in real-time

Machine learning can automate the whole process of data analytics and remove the chance of human error. Machine learning also allows us to make decisions in real-time to prevent fraud or, could also send alerts, the implementation of ML can speed up the whole process thereby making it more efficient. The organizations instead of running after false alerts could actually use a solution to address a real threat without wasting a single valuable moment. 

Handling big datasets

Handling a huge amount of data every single day could be an impossible task for a team comprising humans. But, the machine learning system can not only handle giant data sets, but it also thrives on data. The more datasets get fed into the system the more refined and accurate results could be expected of it. It needs data to identify the differences between genuine transactions and fraud cases.

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Keeping the devices secure

Cases like identity theft could take place when devices get stolen. Now machine learning is being integrated with mobile devices to keep the devices protected from malware threats, features like biometric facial recognition are also there to ensure that the device cannot be compromised.

Application of machine learning can not only detect identity thefts but, can also prevent such attacks from happening. However, just implementation is not going to be enough, constant monitoring by a person having Machine Learning Using Python training is necessary. For some reason, if some threat goes undetected without raising any alarm the system might repeat that pattern, so monitoring is important.



September 3, 2020 2:11 pm Published by , , , , , ,

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