Warning: Bottom line is that the holiday season is ripe for credit card and financial fraud and cybersecurity attacks. Fortunately artificial intelligence can help prevent such abuses thanks to Brighterion.
When chip and signature credit cards finally rolled out in the U.S. it became more difficult – but not impossible – for the bad guys to be successful with illicit card present transactions at traditional brick and mortar stores. As a result, fraudsters are laser focused on creating sophisticated mobile and card not present (CNP) fraud schemes. But there were still gaps in the system and while cyber experts and companies looked to fill in and close those gaps, artificial intelligence rose to the surface when it can to shutting down fraud.
San Francisco based Brighterion utilizes the world’s deepest and broadest portfolio of artificial intelligence, machine learning technologies and real time smart analytics to mitigate and detect such threats as credit card and financial fraud, data breach detection, money laundering and terrorism. Among the industry leaders Brighterion partners with is MasterCard, where its technology powers their global anti-fraud platform helping to secure several billion transaction-real time-per month. Brighterion also partner’s with the world’s largest financial institutions and homeland security firms.
Why is this so important? According to the National Retail Federation, online sales in November and December (excluding autos, gas and restaurants) are forecast to rise 10% to $117 billion. Retailers are expected to hire between 640,000-690,000 seasonal workers this holiday season. “Seasonal temp workers represent a huge potential weakness to even the best designed systems,” said Dr. Akli Adkaoute, CEO of Brighterion. “These less trained workers hired during the holiday season are much more vulnerable to social engineering attacks.”
Cyber-security, insider threats and credit card fraud are going to be first and foremost on consumers and small and midsize retailer’s minds this holiday season. What consumers and retailers are asking more than ever is: Are we safe? Brighterion’s mission is a combination or innovation and protection.
Here is part of their though process:
Prevent rather than detect. Solutions that do not provide real real-time capabilities (before authorization) are inefficient, as they can not proactively prevent fraud losses. When transactions must be processed in real-time (within the same day), the ability to proactively prevent fraud is crucial. This becomes increasingly important in the world of ACH where transferred funds can be virtually impossible to retrieve.
Analyze behavior on a 1-to-1 basis. Every entity’s behavior is different. Effectively reducing fraud requires understanding this behavior at an individual level.
Offer multiple layers of protection. The technology is in place and customers are expecting to be protected.
The team at Brighterion works daily in and around the rapidly evolving AI landscape and its impact on consumers and retailers. It’s because they want customers identities, bank accounts and wallets protected not only during this holiday season, but into the future and AI is where it’s heading.