How in-app bot fraud ruins the online shopping experience

  • “Shopping apps are big business. Research from Apptopia shows that downloads of shopping apps reached 5.70 billion in 2018, up 9.3% over 2017.
  • What’s more, these users stick around: 48% of consumers still use an ecommerce app one month after its initial download, compared to an average retention rate of 43% across verticals.

How do bots affect ecommerce apps?

  1. Swooping up high-demand products
  2. Staging log-in attacks
  3. Skewing analytics metrics”

Paul H. Müller, o-founder and chief technology officer, Adjust

Adjust –

Deep Dive: How Biometrics And AI Are Improving Banks’ Customer Experiences

“Unfortunately, FIs are often caught between balancing more stringent security tools and offering the seamless experiences consumers crave. Modern customers are much more likely to grow frustrated by lengthy processes and switch to other banks, after all.

As such, FIs must seek more innovative authentication procedures that take less time and draw less ire than weak password and PIN systems.”

Use of Artificial Intelligence to detect fraud set to triple by 2021: Survey

  • “While only 13 percent of organizations use AI and ML to detect and deter fraud, another 25 percent plan to adopt such technologies in the next year or two
  • Similarly, about half of organizations anticipate employing predictive analytics/modeling (52 percent and up from 30 percent as of today) and data visualization (47 percent from current 35 percent).”

How Wells Fargo Uses AI, Biometrics To Fight Money Laundering

“’The fact that [customers are] connected to the internet of things opens the door to the broader spectrum of payment activity. That allows us to do is to build deeper profiles, [which AI can use] to better predict if [a transaction] is something [the customer] would do,’ Monroe said.

This influx of new data means banks must look beyond authenticating login credentials. Users’ payment histories, how they hold their phones and type in their passwords, as well as other factors should be considered during the authentication process.”

AI Advancements Are Making It Easier to Hack Biometric Systems

  • “Though the methods above are tricky for a hacker to complete, artificial intelligence could end up making the process of stealing your identity much easier. Researchers at New York University have created a tool that can generate fake fingerprints to unlock mobile devices.
  • Even more so, researchers have demonstrated how deep artificial neural networks can be trained over time to recreate faces, or just create faces in general. What is stopping someone from using these same tools to access your world?”