Combating e-commerce fraud: Harnessing the power of AI, ML, and RPA to safeguard profits
The rise of the e-commerce industry has brought immense convenience and opportunities for businesses and consumers alike. However, this growth has been met with an increase in fraudulent activity, causing significant financial losses for companies. Merchant losses related to online payment fraud are expected to exceed $343 billion by 2027. To combat this persistent threat, the e-commerce industry can harness the power of artificial intelligence (AI), machine learning (ML), and robotic process automation (RPA) to help mitigate these losses, prepare for new fraud attempts and ensure that the customer experience remains intact.
Utilizing AI-enabled, automated financial operations (FinOps) solutions allows for continuous real-time transaction monitoring. These technologies can effectively bolster security measures by enabling vendors to monitor transactions in real-time, compare them to historical data and safeguard against fraudulent activities by identifying suspicious activity that deviates from normal behavior. Moreover, the adaptive nature of AI empowers it to continually learn and adapt to emerging dishonest tactics, making it an indispensable asset in the relentless battle against illicit activities.
Unveiling retail's success roadmap for the tech industry
Amidst the ever-evolving post-COVID-19 era, the tech industry has been met with unprecedented challenges such as budget constraints, mass layoffs, and the urgent need for adaptability. In the face of these uncertainties, tech companies can draw valuable insights from numerous retailers who demonstrated remarkable resilience during the pandemic. How did these retailers triumph amidst one of the most challenging periods in recent history? In this article, we explore key takeaways that hold immense potential to benefit the tech industry in the current economic landscape.
Retailers have demonstrated unwavering dedication to improving customer service, cultivating loyalty, and fostering trust, resulting in strong and enduring customer relationships. Tech companies can adopt a similar approach to enhance their customer service efforts, aiming for frictionless user experiences and delivering personalized recommendations. Embracing innovative channels like chatbots, virtual assistants, and social media platforms enables real-time support and fosters immediate engagement, nurturing long-lasting connections with customers.
The straightforward guide to digital transformation
Businesses must embrace a digital future for multiple reasons: to avoid falling behind competitors, to strengthen security and cut down on security breaches, and to remove the reliance on legacy software.
We know it is important, but where do you start with approaching digital transformation? In this handy guide, we explain and break down digital transformation, as well as offer tips to success with going digital and unlocking future success.
The five most common network automation objectives
For a modern organization to meet its business goals it's essential to have a reliable, high-performing network. But as networks get more complex and heterogeneous (frequently consisting of both on-premise and cloud environments), they are becoming more difficult to manage and operate, requiring skills and resources which are inherently limited in availability.
Regular and necessary workflows performed by network engineers can quickly become overwhelming and even prohibitive due to the time it would take to execute at scale. And when these workflows continue to be manually executed, extended problem resolution timelines result since the volume of service tickets continues to climb. And these problems that need to be addressed can range from the mundane to the mission critical -- in some extreme cases shutting down key business services entirely during resolution.
ChatGPT's role in the fake news phenomenon
Following its explosion onto the scene in November 2022, it has been hard to ignore ChatGPT. With the ability to answer questions, solve problems, and create content -- to name just a few of its competencies -- the artificial intelligence (AI) chatbot can be hugely beneficial to businesses and employees. Whether used to avoid trawling the internet for the answer to a question, write a blog post, or simply inspire an idea for a new product, it can certainly help cut costs and save time and resources.
Yet, the use of ChatGPT has caused a lot of debate and controversy. One of the main areas of concern is around employment -- if AI can do the same, if not a better, job than humans, for a fraction of the cost, are business leaders likely to replace humans with this technology? Goldman Sachs has predicted that as many as 300 million full-time jobs could be diminished or lost to AI and automation technology. However, it is not as straightforward as some of the most pessimistic outlooks make it seem.
The new challenger bank ethos: Why sustainability is fueling the next wave of disruption
If you were to take their marketing at face value, you’d assume that big banks were leading the finance sector’s charge regarding sustainability. And while they undoubtedly play an essential role, especially when financing major renewable energy projects and the like, the biggest disruption comes from challenger banks.
Increasingly, popular challenger banks such as Monzo and Starling, for example, are marketing themselves as more sustainable, capitalizing on a growing desire for banks to prioritize the environment. In fact, a recent report found that 67 percent of customers want their bank to be more sustainable.
The SaaS-data protection disconnect: Are you sleepwalking into a catastrophe?
In recent years, demand for Software-as-a-Service (SaaS) solutions such as Salesforce, Google Workspace and Microsoft Office 365 has exploded. Indeed, by 2025 it’s been projected that SaaS will account for 85 percent of the software that organizations use.
While these cloud-powered software services are now mission-critical for most organizations, many are sleepwalking their way into a potential data loss disaster. Why? Because they’re relying on their SaaS providers to do all the heavy lifting where data protection is concerned.
Three must-know cybersecurity building blocks
The increasing sophistication of cybercriminals significantly influences the rise in cybercrime, the frequent lack of sufficient cybersecurity measures, and the high profitability of cybercrime. Cybercriminals constantly refine their skills, developing advanced malware and phishing techniques to bypass security protocols. This progress often outpaces many businesses' and individuals' ability to safeguard their digital assets -- as a lack of resources, underestimation of risk, or insufficient awareness often results in inadequate cybersecurity measures. Further fueling this upward trend is the lucrative nature of cybercrime, with offenders able to amass significant profits from stolen money or data, often with a low risk of apprehension due to the anonymity of the internet and digital currencies.
A recent BlackBerry Global Threat Intelligence Report observed up to 12 attacks per minute from December 2022 to February 2023, and the number of unique attacks using new malware samples skyrocketed by 50 percent -- from one per minute in the previous report to 1.5 per minute during this reporting period. The most common weapons were droppers, downloaders, remote access tools (RATs), and ransomware, with the most significant target being the healthcare industry.
The pros and cons of outsourcing data analytics
Today, companies utilize data analytics not only to understand past performance but also to predict future trends and make strategic decisions. However, as the volume and complexity of data continue to grow, many companies find it challenging to manage their data analysis needs in-house. Outsourcing data analytics has emerged as a potential solution to this challenge, and it is expected to become an increasingly popular option.
According to a report by Allied Market Research, the data analytics outsourcing market is projected to see an impressive compound annual growth rate of 29.4 percent between 2017 and 2023. In this article, we will explore the pros and cons of outsourcing data analytics, thereby providing insights to assist businesses in making informed decisions regarding this critical aspect of their operations.
Securing supply chains: Navigating risks in the evolving threat landscape
Across the interconnected global economy, complex supply chains ensure the seamless flow of goods and services across every industry. However, as cyber threats continue to evolve, organizations throughout this ecosystem are, often unknowingly, being exposed to more and more security risks as a direct result of being part of the chain. This creates a range of critical challenges for organizations whose very existence is dependent on the reliability and integrity of their supply chains at all their various levels.
Understanding the various stages of contemporary supply chains -- from material sourcing to manufacturing, transportation, warehousing, and distribution -- is essential for identifying potential vulnerabilities, with each stage susceptible to different types of risks.
Understanding common internet-facing footholds exploited by bad actors
Ransomware remains a persistent threat with real-world consequences, with the ability to halt business operations, and cause significant reputational and financial damage.
Ransomware incidents have gained the attention of the general public with attacks like the Colonial Pipeline that led to fuel shortages, and WannaCry that led to British hospitals diverting patients. Despite an increased level of awareness at the board level, ransomware attacks continue to plague organizations.
Consumer trust in biometrics: Are we there yet?
Advancements in technology have led the digital world and the physical world to collide. Digital authentication and biometrics are a prime example; in many cases they improve the customer experience, enabling features like self-check-in to hotels and streamlined payment processes at retail establishments. But these innovations raise questions about privacy and security, even as conversations around a "passwordless world" heat up.
Incode conducted a global survey of 1,000 consumers, aged 25+, in English speaking countries across North America, the UK, and Asia Pacific regions to gauge their sentiment toward biometrics and digital authentication. Here’s what Incode’s "Consumer Pulse on Trust in Biometrics"survey revealed.
Three of the world's most expensive phishing attacks... and how they could have been prevented
A number of high-profile cyber-attacks in recent years have thrust cybersecurity back into the spotlight. In light of the HAFNIUM hack, cybersecurity has become a major focus for many businesses. Although the hack itself was not the result of human error, it was a wake-up call for organizations to make sure they were fully protected.
The UK's Department for DCMS’ Cyber Security Breaches Survey 2021 revealed that phishing is still the most common cause of cybersecurity breaches, accounting for 83 percent of all successful attacks.
How small business owners can reassess their cybersecurity strategies during economic downturns
The economic headwinds are blowing, and that has a lot of people nervous, not the least of whom are small business (SMB) owners across the country. With talk of recession in the air, SMB owners and their investors are paying extra attention to their bottom lines to maintain efficiency and innovation while managing costs. In many cases budgets are being squeezed, body counts are being leveled or reduced, and programs thought to be outside the core function of the enterprise are being slashed. It is unfortunate, however, that cybersecurity is often among the programs on the chopping block as it is perceived to be a less-than-essential expense.
As a former (and current) small business owner whose previous business was decimated by a malicious cyber-attack, I can attest to the short-sightedness of the belief that cybersecurity is an add-on, not a must-have.
Data clean rooms: The power of second-party data
A staggering 81 percent of advertisers depend on third-party data to reach customers and understand prospects’ buying habits. Their reliance on this data, however, comes with a problem. Exponential cookie decay, government legislation, and increasing consumer demand for data privacy make accessing this data more difficult.
Many brands are turning to data clean rooms (DCR) as a solution. DCRs help companies leverage second-party data to hone their marketing and advertising. In fact, 80 percent of advertisers with media buying budgets over $1 billion will use DCRs by the end of 2023. So, what makes DCRs so popular? This article will show how DCRs can be an incredibly powerful MarTech tool that fosters collaboration among brands, enabling them to gain insights, form ‘lookalike’ audiences, and advertise directly to their user base.
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