Payment infrastructure provider Mangopay introduced an artificial intelligence-powered anti-fraud tool.
The French company’s Fraud Prevention solution is designed to protect against threats such as account takeovers by bots and humans, reseller fraud, payment fraud, chargebacks and return abuse, according to a Thursday (May 30) press release.
“The task of maintaining risk and compliance has become increasingly complex, necessitating not only heuristic rules but also continuous monitoring to adapt to dynamic regulatory changes,” Mangopay Vice President of Risk Product Ariel Shoham said in the release. “This complexity has created the need for adaptive business policies as well as new avenues for fraud at more touch points across the user journey, expanding the attack surface for fraudsters.”
To combat the issue, the Fraud Prevention tool includes real-time fraud detection, darknet insights and device fingerprinting, per the release.
“Platforms can connect to the solution through the Mangopay product ecosystem, meaning they can easily protect themselves against fraud without any additional integration,” the company said in the release. “Platforms can also connect their existing payment processors through a seamless, easy-to-integrate API.”
While companies like Mangopay are turning to AI to combat cybercrime, there is evidence to show that criminals have been slower to adopt AI to carry out their offenses.
According to a new report from cybersecurity firm Trend Micro, while malicious actors continue to exploit the technology, they are mostly focused on simpler applications rather than trying to build advanced AI-enabled malware.
Criminals are using AI language models to create more convincing phishing emails and scam scripts.
“The findings underscore AI’s growing yet uneven adoption in the cyber realm, foreshadowing an emerging arms race between defenders and malicious actors,” PYMNTS wrote earlier this week. “As generative AI matures and becomes more accessible, its appeal to cybercriminals will likely grow, increasing the need for robust countermeasures.”
AI is changing how security teams deal with cyber threats by automating the initial stages of incident investigation, analyzing data, and identifying complex patterns, which lets security professionals work with a clear understanding of the situation and speeds up response times.
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