AI is revolutionizing fraud prevention in ecommerce, allowing businesses to detect and prevent fraudulent activity more quickly and accurately than ever before. According to a recent report from the World Economic Forum, AI-driven fraud prevention solutions are expected to save businesses up to $3.5 trillion by 2025.
AI is revolutionizing fraud prevention in ecommerce, allowing businesses to detect and prevent fraudulent activity more quickly and accurately than ever before. According to a recent report from the World Economic Forum, AI-driven fraud prevention solutions are expected to save businesses up to $3.5 trillion by 2025.
AI-driven fraud prevention solutions use machine learning algorithms to detect patterns in customer behavior that may indicate fraudulent activity. By analyzing customer data such as purchase history, payment methods, and shipping addresses, AI-driven solutions can quickly identify suspicious activity and alert businesses to take action.
AI-driven fraud prevention solutions are also able to detect more subtle patterns of fraud that may not be visible to the human eye. For example, AI-driven solutions can detect patterns in customer behavior that may indicate a customer is using stolen credit cards or engaging in identity theft. By detecting these patterns, AI-driven solutions can help businesses prevent fraud before it occurs.
AI solutions are also able to detect more sophisticated forms of fraud, such as account takeover and account creation fraud. Account takeover fraud occurs when a fraudster gains access to a customer’s account and uses it to make unauthorized purchases. Account creation fraud occurs when a fraudster creates a new account using stolen or fake information. AI-driven solutions can detect these types of fraud by analyzing customer data and identifying patterns that may indicate fraudulent activity.
These solutions are also able to detect fraud in real-time, allowing businesses to take action before the fraudster is able to complete a transaction. This is especially important for ecommerce businesses, as it allows them to protect their customers’ data and prevent financial losses.
AI-driven fraud prevention solutions are becoming increasingly popular among ecommerce businesses, as they offer a more efficient and accurate way to detect and prevent fraud. According to a report from Juniper Research, the global market for AI-driven fraud prevention solutions is expected to reach $7.5 billion by 2024.
Sources: https://www.google.com/url?rct=j&sa=t&url=https://venturebeat.com/ai/how-ai-is-transforming-fraud-prevention-in-ecommerce/&ct=ga&cd=CAIyGmJkYTg4Mzc4ZWQwMWM4ZDQ6Y29tOmVuOlVT&usg=AOvVaw1NXmOnnWWs19tXpVfP1vtK
