Deep Dive: Fighting Fraud With AI And Machine Learning

Digital commerce channels are presenting new opportunities for bad actors, making cybercrime a colossal problem for companies of all sizes. All told, U.S. businesses and consumers lost more than $1.4 billion in 300,000-plus reported cyberattacks last year, according to the Federal Bureau of Investigation (FBI). Perhaps more troubling, however, is digital fraud's projected future. Recently published research noted global fraud losses could top $6 billion by 2021, more than doubling the $3 billion lost worldwide in 2015. There is seemingly no rule, rhyme or reason as to when a cyberattack will strike, or whom or what it will target, which can be particularly frightening.