Machine Learning

Machine learning (ML) refers to the development of computer algorithms and statistical models to perform predictions and specific tasks without explicit instructions, rather using inferences and patterns instead. Machine learning is a subset of artificial intelligence and generally falls into two main categories: 1) supervised learning, in which the outcomes are known and labelled in training data sets and 2) unsupervised learning, in which no outcome is known and the goal is to have items self-organized into clusters based on common characteristics or features. Supervised learning uses techniques like neural networks, bayesian models, regression models, statistical models, or a combination thereof. Unsupervised learning uses techniques like k-means clustering and is often used for anomaly detection. Some computer systems have the ability to “learn” or make progressive improvements on a task based on algorithms and subsequent outcomes. As an example, machine learning in fraud prevention allows algorithms to make immediate decisions on new transaction decisions, but over time "learn' from the outcomes of the purchases and from that new data, self-correct to make increasingly accurate predictions going forward. The fastest and most reliable path towards the learning component relies on analysts’ insights, assisted by machine-learned predictions, to make well-informed decisions.


Mail Fraud and Wire Faud

Mail fraud and wire fraud are federal crimes in the United States that involve mailing or electronically transmitting something associated with fraud. Jurisdiction is claimed by the federal government if the illegal activity crosses interstate or international borders.


Mail Order Telephone Order

MOTO is a type of card-not-present (CNP) transaction in which services are paid and delivered via telephone, mail, fax, or internet communication. With the introduction of chip technology on most cards, there has been reduced fraud in “card present” transactions, but a corresponding increase in fraud in CNP transactions.The word stands for “mail order telephone order,” although those types of financial transactions are increasingly rare. MOTO has, therefore, become synonymous with any financial transaction where the entity taking payment does not physically see the card used to make the purchase.


Malware

Malware is software that is intentionally designed to cause damage to a computer, client, server or the network of a computer. Hostile, intrusive, and intentionally nasty, malware seeks to invade, damage, or disable computers, often by taking partial control over a device’s operations.


Man-In-The-Browser

A man-in-the-browser is a form of Internet threat that infects a web browser by taking advantage of vulnerabilities in browser security in order to modify web pages, modify transaction content or insert additional transactions, all in a completely covert fashion invisible to both the user and host web application.


Man-In-The-Middle

Man-in-the-middle (MITM) is an attack where the attacker secretly relays and possibly alters the communications between two parties who believe they are directly communicating with each other.


Manpower Direct and Indirect Costs

Manpower Direct Costs include wages for the employees that produce a product, including workers on an assembly line, while indirect costs are associated with support labor, such as employees who maintain factory equipment.


Manual Review

Manual review is a technique that can be performed in-house or may be outsourced to or managed by a third party vendor. In either case, staff members perform manual checks on orders to determine the authenticity of an identity and transaction to establish which orders are fraudulent.


Manual Submission

Manual submission describes when somebody adds URLs to a search engine manually, filling out the form fields individually. This differs from automatic submissions, which involve filling out information only one time; the necessary information is then used by a software program to submit to many search engines.


Marketplace

A marketplace is the real, virtual or metaphorical space in which a market operates. The term is also used in the trademark law context to denote the actual consumer environment, i.e. the 'real world' in which goods and services are provided and consumed.


Marketplace Fraud

Marketplace fraud is the illegal practice of making false or misleading claims through a company. This includes exaggerating the qualities of a product or service in advertising, selling imitations as the genuine article, or hiding negative aspects or side effects. False advertising is a type of the marketplace fraud.


Medical Fraud

Medical fraud is a type of white-collar crime that involves the filing of dishonest health care claims in order to turn a profit. Health care fraud influences insurance rates every day, causing premiums individuals pay to rise to cover the insurance companies’ losses.


Medical Identity Theft

Medical identity theft occurs when somebody illegally accesses and uses a patient's personally identifiable information (PII) to obtain medical treatment, services or goods. The stolen information may be used to open credit card accounts or obtain medical services such as treatment at an emergency medical crisis location.


Merchant Account

A merchant account is a type of bank account that allows businesses to accept payments made by debit or credit cards.


Merchant Account Provider

Merchant account providers give businesses the opportunity to accept debit and credit cards for the payment of goods and services. This can be conducted face-to-face, over the phone, or even over the Internet.


Merchant Chargeback Insurance Provider

Chargeback insurance is an insurance product that protects merchants who accept credit card payments. The insurance protects the merchant against fraud in transactions where the use of the credit card was unauthorized, and covers claims arising out of the merchant's liability to the service bank.


MFA (Multi-Factor Authentication)

MFA or Multi-Factor Authentication is an approach to security authentication, in which the user of a system provides more than one form of verification to prove their identity and be granted access. Multi-factor authentication is so named because it leverages a combination of two or more factors of authentication. In the field of cybersecurity, the three major factors of authentication and verification are: 1) something a user knows (such as a password or the answer to a question), 2) something the user has (such as a smart card, a mobile phone or a security token), and something the user is (such as a unique biometric marker like a fingerprint).


Misrepresentation

Misrepresentation is a concept of English law, which describes when a party uses misleading statements or facts in negotiations to induce the other party to take certain actions.


Mobile

A "mobile" is a term used for phones, stemming from the term "mobile phones", which differs from their predecessor, wired or immobile phones. A mobile phone is a portable device whose primary use is to "call" other phones, allowing for a conversation to be had from pretty much any two places in the world between these two devices.


Mobile Device Analysis

Mobile device analysis is a branch of digital analysis that refers to the recovery of digital evidence or data from different mobile devices under the analysis of a sound condition. Mobile devices are used to save different types of personal information such as contacts, notes, calendars, and to communicate with others.


Mobile Phone Fraud

Mobile phone fraud is simply any fraud that involves the use of mobile phones. One type of this fraud is call-forwarding fraud, where a fraudster tricks a victim into mistakenly forwarding their phone calls to another number.


Money Laundering

Money laundering is the process of concealing the origins of illegally obtained money by going through a complex sequence of bank transfers to make the money look as if it came from a legitimate source or business transactions.


Monitoring

The term monitoring refers to the observing and checking of the progress or quality of something over a period of time. Monitoring services generally ensure the security and authenticity of something over time.


Mortgage fraud

Mortgage fraud is a crime in which the fraudster omits information on an application for a mortgage loan to obtain to greater loan than they would likely normally be eligible to recieve.


Mousetrapping

Mousetrapping is a technique used by websites to keep its visitors on the website for longer, and also to force visitors to engage with their website. It may occur from a website launching pop-up ads to delay the user from exiting the page.


Multichannel Merchanting

Multichannel merchanting describes the process of trying to sell products to both current and potential users through a variety of channels.