Can A.I. Save you From Fraud?
Since the advent of the pandemic, we have seen a dramatic increase in the amount of people relying on online shopping services instead of heading to the high street. In fact, many high street staples are experiencing mass closures because of this issue! With more people using online shopping everyday, the use of cash is slowly heading out of the window, whilst credit and debit cards are very much on the rise.
With an increase in the use of credit and debit cards so comes the increase of fraudsters looking to take advantage of small businesses with little to no protection in their EPOS systems. Even the best EPOS systems in the UK have struggled to keep up. In February, credit card fraud in the UK jumped to a five-year high with a massive 42% increase in the last three months of 2021 compared to the previous year.
To tackle the issue, Noor Saleh Alfaiz and Suliman Mohamed Fati of the College of Computer and Information Sciences, Prince Sultan University, Saudi Arabia have begun work on a system that uses artificial intelligence and machine learning to counteract potential fraudsters.
The artificial intelligence is essentially trained to recognise fraudulent behaviour before being put into use. What separates this new form of A.I. from previous intelligent flagging software is its ability to learn on the job. Should fraudulent activity occur that has not been trained into the bot, the bot will be able to recognise a certain pattern of behaviour that it considers suspicious that it will need to investigate further. Should the investigation prove fruitful and a crime is uncovered, the bot saves that information and adds it to its portfolio of resources to draw from, improving its detection abilities.
Whilst still in the early stages of development this A.I. has the potential to survey far more online transactions than a human is able to recognise and respond quicker than any human operator could. As a result, your money remains safer for longer as well as gives your potential customers peace of mind when they are purchasing with their card online!
Here at Business Quotes, we compare the best EPOS systems in the UK for small businesses. Here you can find everything you need to know about business EPOS systems in the UK from what they are, what they do and competitive prices from across the industry.