
AI Deployed to Combat Fraud
Artificial intelligence is crucial in fighting digital fraud, as explained by Nets market analyst Emil Gade. While AI is sometimes labeled as a tool for criminals, it is also used to counteract fraud. It helps to create a comprehensive picture by adding data points like card history, transaction amount, and devices or browsers used, using anonymized cardholder data. AI combines real incidents with synthetic data of scenarios that haven’t occurred yet to predict future patterns and is complemented by human-designed rules. Over the past two years, banks, partnering with Nets, saved 208 million kroner using Nets’ monitoring system. Currently, banks stop about 60% of digital fraud. Criminals now leverage AI to create fake websites and deceive people, with cybersecurity increasingly becoming a collaborative effort, as noted by Dansk Erhverv industry director Nikolaj Wædegaard.