Mangopay highlights the importance of AI to combat digital fraud

Cybersecurity Day encourages us to reflect on the challenges businesses and financial institutions face due to artificial intelligence. With their help, new forms of fraud are emerging and surveillance must adapt to the threats. Mangopay, the modular payment platform, pays close attention to changes in cybercrime and helps companies manage increasingly secure payments and protect themselves from payment fraud.

According to the IBM report “Cost of Data Breach in 2023” The average cost of these leaks in the financial sector was 4.1 million euros15% more than in 2020. The cost for financial organizations is 28% higher than the general average, losing around 5.4 million euros per breach.

AI increases the risk of data theft

Payment fraud usually begins with stealing a user’s data using techniques such as: Phishing, vishing and smishing, techniques in which the criminal contacts a person and impersonates a legitimate organization. The most valuable is the credit card number or the data that allows access and control over the user’s account.

Thanks to AI, chatbots, deep fakes and voice clones can now be used to deceive and obtain this data or, for example, persuade customer service representatives to transfer money to criminals’ accounts by posing as customers. Artificial intelligence is also being used to develop new types of malware that can steal consumers’ payment information using so-called “screen scraping,” which can record everything a user types on their computer screen.

AI can also be the greatest ally in cybersecurity

This advance in AI will force companies to embark on a technological race and innovate faster to outsmart fraudsters and limit their losses. AI can combat a range of fraud attempts such as: Detecting account takeovers, use of fake accounts, card fraud, screen scraping and bot attacks. It can be used in real-time to identify and flag suspicious activity, and it can be integrated with other security systems such as identity verification and biometric authentication to provide a more comprehensive approach to fraud prevention.

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Artificial intelligence It can also help take advantage of the large amounts of data generated daily in online transactions., Learning about changes in customer behavior. Machine learning algorithms are designed to identify patterns from large amounts of data that can be used to identify fraudulent activity. Fraudsters sometimes imitate real user behavior or exploit patterns to breach security. This is why AI can strike a balance between fraud protection and customer experience.

«At Mangopay, we are constantly working to leverage the latest technologies to strengthen the prevention of digital payment fraud on behalf of our customers, including theft of personal data.“, Explain Nicolas Fournie, Country Manager in Spain at Mangopay. «Artificial intelligence brings new challenges and new risks to payment transactions, but its power can also be used to prevent fraud. Our goal in this area is to leverage the power of AI to strengthen the security of our customers and their end users.“, Add.

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