Guarding Festive Cheer: AI Innovations Tackle Scams, Ensuring Safe Online Shopping During Sale

The holiday season is a time for happiness, celebrations, shopping, and gift-giving. With the rise of online shopping through e-commerce, many of us now buy our holiday gifts online. However, online shopping can also bring the risk of scams. Scammers and cybercriminals are always on the lookout for opportunities to trick people. There are companies that work with brands to protect customers from scams, and they use AI technology to do it.

One such company is mFilterIt, a fraud risk management company that works with OnePlus, Fan2Play Games, and Zee. The Co-Founder and CEO of mFilterIt, Amit Relan, explained how AI helps protect against scams: "AI-powered solutions help brands detect and prevent fraudulent activities. AI can learn to spot unusual patterns in behavior or transactions that traditional systems might miss. It can even analyze emails, social media posts, or chat messages to find phishing attempts. In addition, AI can identify unusual behavior and send alerts about potential threats in real-time. This way, brands can act quickly to keep their customers safe."

Aditya C., eCommerce Manager at OnePlus, stated, "It is helping our business understand and evaluate risks related to E-Commerce management for our organization. Also, it helps us mitigate those risks through its unique offerings." Amit Relan also stressed that brands should educate their customers about emerging scam trends, such as fake websites, misleading links on WhatsApp, and deals that seem too good to be true.

Expert In Fraud Risk Mangement Points Out Important Aspects

During the holiday season, more people turn to online shopping. But it's essential to be cautious because scams can be more common. Saiprasad Shankar, the CTO at Deciml, a new-age investment app for young millenials, pointed out that when companies have big holiday sales, there's a higher risk of scams. Surprisingly, 60% of Indian adults are willing to take risks when shopping online for gifts. So, it's crucial for all of us to be careful and watch out for scams.

The holiday season is a prime time for scams. People are busy, and they can easily fall for scams. AI can help by quickly identifying suspicious activity and keeping us safe while we shop. Sam Noble, the CTO of Veera, India's first mobile-focused browser, highlighted the importance of using AI-driven security, email verification, and multi-factor authentication to protect against scams. He also stressed the need for educating users about common scam tactics and keeping software up to date.

One solution to prevent fraud is offered by CrossFraud. They use AI and advanced analytics to detect and prevent fraud. They assign scores to user behavior to identify high-risk activities, and they use multi-factor authentication for added security. CrossFraud helps companies prevent fraud in real-time, using pattern recognition, behavior analysis, risk assessment, and block/hold modes for high-risk transactions. Their solution aims to keep customers and companies safe from scams.

Nowadays, gaming platforms are booming, especially with the ongoing cricket World Cup. But there's also a risk factor involved. Avinash G, Manager at Fan2Play Games, said, "mFilterIt was able to detect and highlight click fraud cases promptly. mFilterIt helped us catch false users and provided the ability to block them instantly."