How combining AI and humans can help to tackle cyber fraud

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Charlie Roberts, head of business development, UK, Ireland & EU at IDnow, discusses how combining AI and humans can help to tackle cyber fraud With AI unable to combat cyber fraud alone, a hybrid approach is the way forward.
Cyber fraud is a global threat which experts identify as the world’s fastest growing and most dangerous economic crime. It isn’t hard to see why, with current predictions suggesting that by 2021, the damage caused by internet fraud will reach $6 trillion. Artificial intelligence (AI) is recognised as a key technological driver in the identity verification market, one which many believe will help tackle the issue of cyber fraud. However, while AI is becoming increasingly intelligent, so too are the fraudsters trying to defy the protections it aims to provide.

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Now is the perfect opportunity for criminals to exploit the security protocols of many online operations, as Covid-19 has forced an accelerated move to digital. As a result, new account fraud is becoming a major issue, with recent figures from Action Fraud reporting £16.6 …

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