In recent months, we’ve spent some time talking about cybersecurity threats, stolen data and identify through hacks, and ways to protect yourself from scams.
For this month, we will briefly discuss Artificial Intelligence (AI), a growing topic and phenomena. When we think of AI, many of us think very basic, robotics performing human tasks such as making and serving food, diagnosing and fixing vehicles, etc. However, the power of AI is much more complex than just these simple tasks.
For the sake of this tech corner moment, we will briefly discuss AI and how it’s being utilized to detect and prevent cybersecurity and online fraud.
Nearly 1 in 3 Americans report being a victim of online cybercrime or financial fraud events. There are simply not enough resources available to investigate and solve every internet crime in occurrence. There needs to be a faster way to identify patterns and behaviors that lead to reduction of internet fraud and a way find the threat actors!
This is where Artificial Intelligence (AI) comes into the picture. Artificial Intelligence, in simplest terms, is the science of making machines that can think like humans, however, through the usage of AI technology, can process enormous amounts of data and analyze in rapid timing.
As humans try and sift through enormous data, our brains become tired, and our eyes become blurry. This does not happen for AI, it continues to get bigger, stronger, and faster.
AI is now being used in online fraud detection in the following areas:
- Collection of massive amounts of data, behaviors, and activities
- Identifying attributes or features that indicate fraudulent behavior.
- Using historical data to recognize patterns of fraud.
- Using statistical analysis to detect abnormal activities or occurrences
- Continuously learning and gathering knowledge from data, increasing capability of tactics for detecting fraud
- Flagging suspicious activities and providing reports for further investigation.
Areas where AI is currently being utilized to detect threats:
- Online e-Commerce websites
- Banking and Financial Services
- Online Gaming and Virtual Banking
- Healthcare and Billing Services
