Fraud and risk management company The ai Corporation today announced they have been invited to join the Home Office and National Audit Office’s (NAO) Joint Fraud Taskforce. The company had already been working with the UK government to develop a national response to online fraud and will help raise awareness of online fraud, reduce card-not-present fraud and help businesses return funds to victims.
The announcement comes the week after the NAO released an Online Fraud report describing the rising frequency of online fraud and detailing ways to stop it. It also describes challenges the Home Office faces in convincing banks and law enforcement organizations to do their part.
“Having worked in the online payments domain since 2000, I can advise at this moment in time there is no silver bullet for online fraud,” ai’s Mark Goldspink said. “Fraudsters are becoming increasingly ambitious and sophisticated in their financial crime endeavours. Fraud activity is becoming harder to spot within genuine activity and losses are being realized in a shorter period of time as fraudsters adapt to beat traditional fraud management techniques and strategies.
“The traditional rule-based fraud management approach is highly manual, requiring skilled analysts to prepare data, perform analysis and document recommendations. This approach is time-consuming and difficult to rapidly scale up to meet business demands. As a result, the online world needs processes and tools that work in real time – automated.”