Human and artificial intelligence working together to fight payment fraud - Raconteur

The prevalence of fraud has risen rapidly as criminals have sought to take advantage of a unique pandemic-induced combination of financial and health threats which have made people more vulnerable to scams. The National Cyber Security Centre, the UK's cybersecurity agency, revealed last month that it has taken down more scams in the last year than in the previous three years combined, fuelled in particular by coronavirus and NHS-themed fraud attempts. Though some may associate the rise of fraud with cybercriminals becoming more sophisticated, the reality is many old scams are among the most prevalent, with many people still falling for phishing attacks. Younger consumers have become well-versed on how to spot such scams, but the growth of digital activity among older generations, forced to shop online during the pandemic, has opened opportunities for fraudsters to target a far less tech-savvy demographic. A main entry point to scam consumers is when they are making a payment.