'Could You Describe the Reason for the Transfer?'
Zihao Wang, Fudong Wang, Haipeng Zhang, Minghui Yang, Shaosheng Cao, Zujie Wen, Zhe Zhang · 2021
With the booming of the Internet finance and e-payment business, telecom and online fraud has become a serious problem which grows rapidly. In China, 351 billion RMB (approximately 0.3% of China's GDP) was lost in 2018 due to telecommunication and online fraud, influencing tens of millions of individual customers. Anti-fraud algorithms have been widely adopted by major Internet finance companies to detect and block transactions induced by scam. However, due to limited contextual information, most systems would probably mistakenly block the normal transactions, leading to poor user experience. On the other hand, if the transactions induced by scam are detected yet not fully explained to the users, the users will continue to pay, suffering from direct financial losses.