AI to fight security breaches

“Security breaches have increased 67 per cent since 2014 and 11 per cent since 2018.
4.1 billion personal records exposed in a variety of ways: 52 per cent through hacking; 33 per cent via phishing; and 32 per cent through social engineering
Information security system spending is expected to reach $131 billion worldwide by the end of the year
A recent survey found that the industry needs at least 4 million new cybersecurity personnel to effectively fight digital fraud worldwide on top of the 2.8 million people already employed by the industry. This 4 million figure is a 33 per cent increase”

Passwordless Authentication: The next breakthrough in secure digital transformation

“Cybercrime is set to cost the global economy $2.9 million every minute in 2020 and some 80% of these attacks are password-related.
For larger businesses, it is estimated that nearly 50% of IT help desk costs are allocated to password resets, with average annual spend for companies now at over $1 million for staffing alone.
Passwordless authentication does not mean removing all security barriers to our digitalized society. It means harnessing technologies such as artificial intelligence and machine learning to save users time and save company-money.”

“SafetyPay currently partners with 380 banks in 17 countries worldwide, across Latin America, Europe and North America.

With a shared goal of making banking and commerce safe, the partnership with Feedzai enhances SafetyPay’s security, harnessing AI to protect customers across borders from fraudulent risks in real-time.”

“More than 40% of businesses say fraud impedes their expansion into new digital channels and services.
The report found that 48% of consumers are more sensitive to anti-fraud measures that disrupt their online experience than they were a year ago.
Yet, only 64% of organizations’ customers have confidence in the security of their digital channels.

The full report can be downloaded at kount.com/javelin2020.”

“The Visa Account Attack Intelligence feature uses deep learning to process card-not-present transactions to pinpoint when hackers are trying to guess numbers, expiration dates or security codes through automated programs.

Another security feature introduced is Visa eCommerce Threat Disruption, which scans eCommerce websites for malicious payment data skimming software.”