The EMV chips on American credit and debit cards aren't just annoying consumers who find themselves waiting for 20 to 30 seconds at checkout. They are also inconveniencing fraudsters who are taking more business to online merchants. EMV makes credit cards safer, but slower. Forter, a fraud prevention company that evaluates online sales with sophisticated technology and then guarantees any sales it approves, said that online fraud attacks grew 8.9% in 2016 and early 2017 compared to 2015, a reduction from the 2015 increase when significant fraud moved from point of sale (POS) to online. Domestic orders are 79% riskier than in 2015 according to the study released by Forter and the Merchant Risk Council.
The company plans to launch a private beta of a "dynamic authentication" that will bring in two-factor authentication. This is on top of Stripe's first forays into using biometric factors in payments, made via partners like Apple and Google. The new paid product comes alongside an update to the core, free product that Stripe is dubbing Radar 2.0. New features for the whole product (free and paid) will include being able to detect when a proxy VPN is being used (which fraudsters might use to appear like they are in one country when they are actually in another) and ingesting billions of data points to train its model, which is now being updated on a daily basis automatically. The chief advantage of taking this product will be that teams will be able to customise how Radar works with their own transactions.
Fraud is a major concern in business, and Internet fraud is perhaps the most worrying. But what if we told you that artificial intelligence can prevent Internet fraud? Sounds too good to be true, we know, but there are quite a few ways in which machine learning and AI are being used to stop Internet fraudsters in their tracks. The Internet is an incredible tool that allows us to stay in touch with friends from all over the world, watch unlimited cat videos, learn a new skill, and even shop from the comfort of our couch. However, it's also a tool rife with dangers as hackers lurk in the depths of the Net, looking to snag private data details from online shoppers when they least expect it.
Victims of online fraud shouldn't be refunded by banks if they fail to protect themselves, according to Britain's most senior police officer. Sir Bernard Hogan-Howe said that the public were being rewarded for bad behaviour, and needed incentives to update anti-virus software and ensure passwords were safe.