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Your credit card will become smarter soon

This is something that no one likes: you are at the cash register, ready to swipe your card or chip to read the credit card and pay. You know you have enough money, but your credit card company refuses to buy. This may mean switching to another card, or being dissatisfied with the store you patronize, skipping the purchase altogether.

Your credit card will become smarter soon

Many of these are related to fraud detection-when the bank’s computer is not sure whether you are spending money in the usual way, it will find false positives. This may soon become a thing of the past, or at least not so frequently: Researchers at the Massachusetts Institute of Technology have proposed a machine learning program that can cut false reports of fraudulent credit card charges by more than half.

At present, this is a more serious problem for banks than for consumers. Only about one-fifth of these false positives are actually fraudulent, which means it takes a lot of money and time to try to solve all the problems. At the same time, customers are also annoyed by the fact that the purchase has never been completed, and the company may lose approximately US$118 billion in annual revenue.

If you want to know the details of how it works, you can read more from MIT. At the same time, if you think you have strayed into some real scammers, you should use some online tools to double check. Generally speaking, there is some type of identity thieves; even if you do not meet the requirements, you can ask for help from many government agencies and private companies.

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