Amazon have announced the launch of a fraud detector on AWS which uses similar technology developed for Amazon.com to identify online identity and payment fraud in real time using machine learning.
Amazon state that online fraud costs global organizations tens of billions of dollars and the expensive systems they use to try and prevent it can be complicated, not so user-friendly and innacurate causing many businesses to turn away good customers thinking that they are fraudsters. According to Amazon, the sophisticated machine learning techniques of their detector will minimize customer friction while staying one step ahead of bad actors. There are no up-front payments, long-term commitments, or infrastructure to manage with Amazon Fraud Detector, and customers pay only for their actual usage of the service.
With Amazon Fraud Detector, customers use their historical data of both fraudulent and legitimate transactions to build, train, and deploy machine learning models that provide real-time, low-latency fraud risk predictions. To get started, customers upload historical event data (e.g. transactions, account registrations, loyalty points redemptions, etc.) to Amazon Simple Storage Service (Amazon S3), where it is encrypted in transit and at rest and used to customize the model’s training. Customers only need to provide any two attributes associated with an event (e.g. logins, new account creation, etc.) and can optionally add other data (e.g. billing address or phone number). Based upon the type of fraud customers want to predict, Amazon Fraud Detector will pre-process the data, select an algorithm, and train a model.
“Customers of all sizes and across all industries have told us they spend a lot of time and effort trying to decrease the amount of fraud occurring on their websites and applications. By leveraging 20 years of experience detecting fraud coupled with powerful machine learning technology, we’re excited to bring customers Amazon Fraud Detector so they can automatically detect potential fraud, save time and money, and improve customer experiences—with no machine learning experience required.”
– Swami Sivasubramanian, Vice President, Amazon Machine Learning, Amazon Web Services Inc.
