Mobile banking fraud detected in seconds with new Microsoft AI solution

Mobile banking fraud - Microsoft Technology - Microsoft building

Artificial intelligence (AI) tech can flag fraudulent transactions within two seconds. With an increased number of consumers banking on their smartphones, mobile banking fraud is becoming a growing concern. American multi-national tech giant, Microsoft, announced that its Azure AI technology can help with the growing fraud problem by detecting fraudulent transactions within two seconds of it occurring. The SIM Swap attack problem. The vast majority of mobile fraud occurs via a SIM swat attack, according to Microsoft. During this attack, the victim’s mobile number is hacked and cloned, allowing the…

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Mobile commerce fraud is a big problem for merchants

mobile commerce future smarphone

Mobile fraud is becoming a problem for merchants that want to engage mobile consumers Mobile commerce is quickly establishing itself as one of the most powerful forces in the commerce sector, powered by the growing number of consumers that have smartphones and tablets. There may be a problem threatening the continued growth of this sector, however, as many businesses may have a lack of awareness about fraud. According to a recent study from Kount, many of the companies that have involved themselves in the mobile commerce space are somewhat misinformed…

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Report shows mobile payments open consumers to fraud risk

Future of Mobile Payments

According to study results from Gartner research company, Neural Technologies, and others, mobile payments will expose consumers to a significant risk of fraud. That said, mobile payment remains among the most rapidly growing and exciting new technological developments, and it is expected to take off in the very near future. In fact, according to the predictions of Gartner, by 2014, the worldwide value of mobile payment services will be $245 billion. However, along with the growth of the use of the service, the risk of fraud will also rise. It…

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