Inside Amex’s GenX ML Based Fraud Detection – Hayden Field of Morning Brew

An inside look at Gen X spending patterns, Amex’s ML-based fraud detection model latest update, which was updated and developed as well as rolled out amid lockdowns while spending habits were changing.(Hayden Field/Morning Brew) 

About American Express

American Express (AMEX) is a global financial services company with a base operation in New York City. It was established in 1850 and is the second-largest card issuer in the world. The company operates through three segments: Membership, Transaction, and Other.

The company changed its name to “American Express Company” in 1930.

In 1850, it was founded as a New York-based association of more than 25 different line-of-credit issuers who had previously issued their own competing cards. The issuing banks ceded management of their card operations to a new organization chartered by the State of New York. In 1853, management of the association was transferred to a private corporation established by Amex’s founders.

The company’s slogan from 1850 to 1899 was “Don’t leave home without it.” In 1899, a new slogan appeared on the front of American Express cards: “Traveling money doesn’t have to be gold!” It is still used today. In 1954, the company introduced its current slogan: “Don’t leave home without it.”

American Express has been a member of the Fortune 500 since 1998, ranking No. 393 on that list in 2017 with annual revenue of US$11 billion. American Express Co., the company that originated from Gold and Silver Cards, originally issued these cards to travelers in several European countries, including the United Kingdom.