As digital payments expand, so does the risk of social engineering scams, which often bypass traditional fraud detection. These scams frequently originate outside typical transaction channels, exploiting vulnerabilities in messaging platforms and social media. Artificial intelligence is now being deployed to enhance payment security through real-time analysis of vast datasets, identifying subtle patterns indicative of fraud that human analysts might miss.
AI systems learn from both fraudulent and legitimate transactions, adapting to evolving tactics and improving accuracy over time. AI algorithms analyse transaction patterns, user behaviour, and device information to detect anomalies and prevent unauthorised access. AI can also simulate fraud scenarios to prepare payment platforms for emerging threats.
AI offers benefits such as enhanced security, improved operational efficiency, and cost reduction. AI-driven systems adapt and learn from emerging patterns, giving organisations a crucial edge in staying ahead of evolving fraud threats.
