Tuesday Mar 26, 2024

Where FICO Gets Its Data for Screening Two-Thirds of All Card Transactions

In this episode, Eric Siegel narrates his article in The European Business Review, "Where FICO Gets Its Data for Screening Two-Thirds of All Card Transactions."

The detection of fraudulent credit card transactions is an ideal candidate for the application of machine learning technology. However, in order to learn how to spot attempted fraud, such a system needs someone to tell it which historic transactions were OK, and which were not.

Access the original article here: https://www.europeanbusinessreview.com/where-fico-gets-its-data-for-screening-two-thirds-of-all-card-transactions/

This article is excerpted from the book, The AI Playbook: Mastering the Rare Art of Machine Learning Deployment, with permission from the publisher, MIT Press. It is a product of the author’s work while he held a one-year position as the Bodily Bicentennial Professor in Analytics at the UVA Darden School of Business.

Other links from the article:

What Leaders Should Know About Measuring AI Project Value – why predictive AI needs – but usually doesn't have – business metrics (MIT Sloan Management Review).

Citations and other notes (PDF)

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