Let’s talk numbers. Americans spent – brace yourself – 11,000 years shopping online just during Cyber Monday 2018. If that doesn’t tell you everything you need to know about how many and how often people are shopping online, you should also know there were 7.9 billion dollars in sales during that day.
There are a number of ways that you can apply this revolutionary model to your business and start getting results. We are going to look at some of the top ways to apply machine learning to your business problems and how this will benefit your company. What does this mean? It means that depending on the website, it could be a hacker’s paradise.
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Machine learning can help curb the risk of fraud while customers are shopping on your website. Take PayPal, for example. They recently added new algorithms to their transaction process to prevent money laundering to and from unsuspecting customers.
The algorithm looks for data points that spark the system, such as first-time transactions, the amount of money sent, sender/receiver location and more. PayPal has an automated, filtered system that flags specific transactions so humans can double-check them for fraud.