Today, considering the high number of risks and threats that we face online, the need for fraud prevention is higher than ever. With Artificial Intelligence (AI), it is possible to use new and advanced technologies to quickly identify any malicious online activity, thus preventing frauds before they can happen.
Here are the different ways that AI can help in the successful prevention of online frauds:
• AI increases online transaction speed
AI allows online transactions to be more secure and efficient. The best part is that just because it increases security doesn’t mean that you have to go through an endless series of verification processes. It helps businesses reduce threats of fraudulent activities in an efficient manner.
• AI can help you identify suspicious or fraudulent advertisements
The internet is, unfortunately, filled with all kinds of fraudulent advertisements that have been designed for the sole purpose of scamming you. Whether these ads are trying to steal your data or your money, they are not always easy to identify and differentiate from legitimate ads.
To make things worse, when you click on some ads, they may even take you to a legitimate website first, but then quickly switch to an illicit system that collects your personal data. AI makes it possible to thwart these links, thus saving you from several fraudulent activities.
• AI can self-learn and improve continuously
The great thing about AI is that it has the ability to self-learn, thus improving continuously. Algorithms are designed in such a way that they can quickly learn and adapt as the situation requires. This allows AI to quickly analyze data and identify any deviation from patters while also marking potential red flags. The result is an accurate and reliable distinction of legitimate links and other online elements from false ones that could be a threat to your online security.
• AI provides fraud analysts with risk scores in real-time
AI provides fraud analysts with risk scores in real-time, thus giving them access to greater insight into where they can best set the threshold scores to minimize fraud losses. With AI, an analyst is provided with a complete transaction view, thus providing context to historical data. This real-time risk score allows fraud analysts to validate or redefine the decisions they have made on threshold levels, thus enabling them to manage risks better and smarter.