IDG Connect Can AI predict fraud attacks?

Any business that sells goods or services online is vulnerable to attack by fraudsters. This can be using stolen credit card details for purchases online, creating false accounts and even voucher code abuse. The cost of this fraud can be calculated in the multi millions, with chargebacks and related costs plaguing online businesses. In the UK it is the most common crime of all, with 2.47M offences in 2015/16 alone. The traditional approach to tackling this problem is to use heuristic rules and business logic to try to'predict' whether a new transaction that the business is seeing is fraudulent or not.