Mumbai: Many of us now prefer online shopping owing to bumper discounts and other sale offers. And, we flock to e-commerce portals more during the holiday season. According to a report by PricewaterhouseCoopers, five out of every ten Indian consumers continually track the product prices and review via mobile phones or social media and just three in every ten Indians are willing to buy directly from the brand.
However, the comfort of shopping at a click also has a great peril which is the lurking danger of cyber criminals who may be prying on your every scroll. To give you a safe shopping experience, several fraud risk management companies use artificial intelligence (AI) to shield you from scammers.
Fraud risk management firms use AI to protect against scams
One such company is mFilterIt, which works with OnePlus and Zee. The firm’s co-founder and Chief Executive Officer, Amit Relan, explained how the sophisticated technology keeps cyber fraudsters at bay. “AI-powered solutions help brands detect and prevent fraudulent activities. For example, AI can learn to spot unusual patterns in behavior or transactions that traditional systems might miss”. It can even analyse emails, social media posts or chat messages to find phishing attempts. In addition, AI can identify unusual behavior and send alerts about potential threats in real-time. This way, brands can act quickly to keep their customers safe, he added. For better safety of customers, Relan stressed that brands should educate them about emerging scam trends like fake websites, misleading links on WhatsApp and deals that seem too good to be true.
Higher risk of scams during holiday sales
Saiprasad Shankar, the Chief Technology Officer (CTO) at Deciml which is another fraud risk management company, pointed out that when shopping portals have big holiday sales, there’s a higher risk of scams. “Surprisingly, 60% of Indian adults are willing to take risks when shopping online for gifts. So, it’s crucial for all of us to be careful and watch out for scams,” he cautioned. Sam Noble, the CTO of Veera which is India’s first mobile-focused browser, highlighted the importance of using AI-driven security, software updates, email verification and multi-factor authentication to bounce off scams.
For added security, another firm, CrossFraud, uses AI and advanced analytics to detect and prevent scam. It assigns scores to user behavior to identify high-risk activities hence helping companies prevent fraud in real-time, using pattern recognition, behavior analysis, risk assessment and block/hold modes for high-risk transactions.
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