Amazon Web Services (AWS) rolls out Amazon Fraud Detector to fight against fraudulent online activities such as online payment and identity fraud. Initially, it was revealed last December 2019, and now it is available to Amazon Web Services (AWS) customers in particular regions.
It’s seen that year on year the online costs incurred for companies are high. According to the reports of the Association of Certified Fraud Examiners, the money lost to fraudulent activities are beyond $3.5 trillion annually.
The new tool enhances machine learning and over 20 years of fraud detection experience from Amazon to detect fraud in milliseconds. Amazon said that there are no upfront payments for using the service, but then, customers will be paying for the actual usage of service.
Swami Sivasubramanian, Vice President, Machine Learning said that customers across all industries are trying their level best to decrease the online fraudulent activities on the websites. With 20 years of experience, Amazon’s new tool has been enhanced with machine learning technology, which would help to automatically detect potential fraud, save time, money, and improves customer experiences. Amazon Fraud Detector doesn’t require any machine learning experience.
AWS customers provide email Id, IP addresses, and other transaction details which are fraudulent. Amazon takes the relevant information and processes it along with the data detectors developed on the consumer side of Amazon’s retail business to build models that identify malicious email domains, IP address formation. Once the model is created, customers can create and update objectives to activate actions based on the model without relying on others. Fraud Detector allows users to have additional steps or checks based on risk. Fraud Detectors can identify accounts that show “try before you buy” programs and flags malicious online payment transactions before orders are processed and fulfilled.
Along with the new tool, Amazon offers developers with the machine learning experience, the ability to use the tool with the different machine learning models built with Amazon Fraud Detector, and Amazon SageMaker.
Amazon Fraud Detector is available in the U.S, EU(Ireland), Asia Pacific (Singapore), and Asia Pacific (Sydney) with availability in additional regions in the coming months.