When the team at Capital One thinks about the future of banking, they believe it will be driven by real-time, automated, intelligent, and proactive interactions with their customers. They envision banks constantly working in the background on customers' behalf, having their backs 24/7. That’s where the application of machine learning across nearly every facet of Capital One comes in — especially when it comes to potentially life-altering events like fraud.

Fraud is a complicated and fast-moving threat, and fraudsters are constantly keeping pace with cutting-edge technology to make their schemes more sophisticated. This means the technology at Capital One must constantly evolve to combat these threats and make real-time decisions about what is and isn’t a fraud incident.

In today’s world, there is significantly more data and longer data history, which lends itself well to applied machine learning. This fact, along with more advanced algorithms, allows Capital One to leverage a vast range of structured and unstructured data to detect when transactions are fraudulent and work at significantly reducing false-positives. At the same time, more frequent model updates allow Capital One to react to anomalies quickly and to get ahead of criminal trends. And with the application of machine learning to a problem like fraud, it also means that Capital One analysts can spend more time focusing on proactively identifying threats and exploring new data sources.

On the customer-facing side, Capital One’s machine learning-powered, real-time fraud prevention experience starts with interactive alerts. Customers feel better protected when they are alerted to potential fraud in real-time — they can easily report fraudulent transactions, lock their card, continue to spend on valid purchases, and receive verification when a new card is on the way, all without ever having to pick up the phone.

Advances in machine learning are enabling Capital One to not only get more creative in how they deploy the technology across a range of use cases, but they also help Capital One enhance their customers’ experience and give them the peace of mind that their financial information is safe and secure with the bank.  

Capital One wants customers to know they have their backs. Through more sophisticated uses of applied machine learning, they are constantly enhancing their ability to do just that — and they are advancing their vision of creating the bank of the future every day.