Mobile-related fraudulent payment rates went up more than 600% all over the world in three years— between 2015 and 2018—according to 2019 white paper on the current state of cybercrime.
Criminals are targeting mobile payments in many ways. In fact, mobile transactions accounted for an entire 70 percent of all fraudulent payments. Fake mobile apps are also on the rise according to the white paper— accounting for over 20 percent of all fraud reported in 2018.
These statistics are a sign that online stores can no longer compromise on the security of mobile transactions. Criminals are shifting to mobile fraud because merchants and their customers are still reluctant to put up mobile fraud safety measures.
The holiday season is here, shoppers are about to go into a shopping spree, and mobile is a favorite method for many.
To combat mobile fraud, merchants must adopt the finest technology in detecting fraud and stopping them before they occur. AI or Artificial Intelligence stands out as one of the best measures.
Artificial intelligence can help prevent fraud in many ways. For instance, it can study user behavior, master those trends, and later use that data to detect and stop any irregular behavior.
But that’s just one aspect where artificial intelligence can protect you from mobile fraud, here are more ways to make the most of AI.
Artificial intelligence and machine learning can minimize false-positives or “legit-looking but fraudulent” transactions by checking the various behaviors and giving an accurate prediction on whether a payment is deceitful or not.
AI can help you spot and stop fraud by checking for irregular activity from a mobile device under attack.
Artificial intelligence and machine learning tactics cut across multiple levels of security than any other mobile fraud protection techniques.
Supervised and unsupervised machine learning caters for the need for speed in fraud detection. It detects fraudulent payments in as little as 250 milliseconds.
Two-factor authentication through Short messages (SMS) or Voice verification can help reduce fraudulent transactions.
Leverage the power of supervised and unsupervised machine learning to get a real-time score of the risk levels of each transaction.
Clues obtained from AI can be used alongside contextual clues to study security trends and notice loopholes.
Mobile shopping rates go up during holiday season, cybercriminals know that too, and are getting ready to pounce on any business that fails to protect its customers.
Leverage the power of AI this festive season to experience safe mobile ecommerce.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter, and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated Chargeback insurance provider in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.