Dishonestly taking advantage of false membership in a group to score a discount sounds like something most people wouldn't dare do, but it's enough of a threat to retailers that investors see future returns in technologies that guard against it.
In the ever-changing era of cyber threats against payment and personal data, it is dangerous for companies or financial institutions to spend a lot of time or money establishing defenses only against external threats.
E-commerce merchants battling fraud that comes from multiple directions often need to use several different solutions that don’t always mesh well, bogging down the checkout process and inadvertently blocking good transactions.
San Francisco-based Arxan Technologies, which got its start in 2001 providing security tools to protect gaming and medical-device applications, says financial services companies are one of the fastest-growing sectors seeking help in barricading their mobile apps from hackers.
Widespread data breaches have sparked a rise in account-takeover fraud using stolen consumer credentials, prompting merchants to crack down on suspicious purchases. But too many legitimate customers are getting caught in the process.
The spread of Alexa, Siri, Google Assistant and Samsung's Bixby is changing the way consumers interact with technology. Behind the scenes, artificial intelligence is doing more than ever to handle and protect payments.