Artificial Intelligence has been able to solve several problems plaguing humankind but with the changing landscape in the tech world, the patterns of digital fraud are also altering at lightning-fast speed. The online marketplace has created a lot of convenience for billions of users around the globe but it has also created a lot of nuisance for businesses and digital consumers at the same time, ranging from unauthorized user access to payment fraud and from online identity theft to synthetic identity fraud. But now there are several service providers that have jumped into the pool of digital fraud prevention and have launched several products and solutions to deter attempts of online scams and digital frauds. Some of those techniques are discussed below:
Credit cards have become the most frequent source of scams on the cyberspace where the urge of online sellers to provide ease of purchase to the customers has allowed digital scammers to perform credit card fraud. Frequent data breaches have also led to an increase in such scams as one can easily buy credit card numbers on the dark web by paying a fraction of an amount. Artificial Intelligence can ensure that the credit card number provided by the potential user is not only accurate but it also has the added advantage of ensuring the physical presence of credit card numbers. Several Credit card fraud protection solutions are available in the market that can check the authenticity of a credit card by:
● Checking for tampered information
● Checking for the credit card number
● Checking for Credit card expiry date
Scammers and users also adopt the identity of another person in order to avail services and buy products that they are not eligible for. Businesses have to suffer large scale losses because of such users that furnish fake or stolen identity to avail services. The most accurate method to detect such scammers and fraudsters is by utilizing artificial intelligence during the customer onboarding process. All the personal information provided by every customer can be authenticated with the help of an official identity document but before that, the authenticity of the identity document can be checked by Artificial Intelligence.
Now, when we review the number of online scams and frauds committed in 2018, we realize that account takeover was one of the most common methods of digital fraud. Again stolen login details help scammers and fraudsters to access accounts of genuine users, which makes it easier to defraud online businesses as compared to using fake identity credentials to gain access to their services.
Biometric verification with the help of facial recognition is the most accurate method that can help businesses to detect the true identity of the incoming user at every login attempt. Real-time user verification is available without having to invest in any third party hardware equipment such as fingerprint scanners or iris scanners. Remote user verification also becomes possible with such a form of biometric verification that can be performed by the end-user with the help of their smartphone as well as their webcam.
In the more extended term, AI is certain to turn into a key mostly organizations prevent fraud. We have to change the manner in which we oversee fraud and face attackers with versatile technologies that reason as people do.
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