Abstract
The first rule of managing online fraud and mitigating risk is to remember that fraudsters are entrepreneurs. While it's tempting to think of those committing digital fraud as hoody-wearing lone wolves spending hours in their bedroom working to weasel their way into someone's online account, in reality professional fraud operations look more like the JP Morgan trading floor. Cyber criminals are not simple, hoodie-wearing lone wolves. Many are sophisticated fraud operations using the most advanced technology, including artificial intelligence (AI). The energy and ingenuity with which fraud rings and cyber criminals have deployed AI-based solutions has matched that of the businesses and organisations that work to protect themselves from bad actors. Machines have been put to malicious use in ways ranging from click farms to complex model extraction schemes, explains Swami Vaithianathasamy of Signifyd.
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