How Artificially Intelligent Tools Can Be Used to Prevent Payments Fraud - K2 Partnering Solutions

As payment technologies become more secure and sophisticated, so do the techniques used to break them and steal money. Introduction of Europay, Mastercard and Visa cards (EMV), regulations for e-commerce websites like GDPR and PCI-DSS and contactless payments over smartphones have gone a long way to enhance the security in retail payments. However, fraudsters are finding new tactics to hack into these advanced payment technologies. Therefore, fraud detection and prevention systems need to be continuously upgraded to keep up with new payment technologies as well as the new methods used to perpetrate fraud. In this article, we will focus specifically on how AI is used to prevent threats due to payment frauds.