GettyThere has been a 680% increase in global fraud transactions from mobile apps from October 2015 to December 2018, according to RSA. And a small percentage of mobile fraud transactions get reported, with mobile fraud losses reported totaling just over $40M across 14,392 breaches according to the U.S. Federal Trade Commission. Mobile fraud is an epidemic that needs to be fought with state-of-the-art approaches based on AI and machine learning’s innate strengths. The challenge for every merchant relying on a fraud rules engine is that they often don’t catch the latest patterns in cybercriminal activity. Combining supervised and unsupervised machine learning algorithms are proving to be very effective at reducing mobile fraud.

Source: Forbes November 07, 2019 14:03 UTC