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The ai Corporation Adds Dark Web Managed Service To Its Suite of Enterprise Fraud Solutions

By ET Bureau - June 08, 2021 3 Mins Read

The ai Corporation adds Dark Web Managed Service to its suite of enterprise fraud solutions

The ai Corporation (ai), an FCA approved expert in payments, fraud and risk management, today added a Dark Web Managed Service to its suite of enterprise fraud solutions. Powered by Dark Web experts Skurio’s cloud-based technology, the new managed service will enhance ai’s fraud capabilities even further. Enabling ai’s users in the payments and financial industries to protect themselves against cybersecurity threats emanating from the Dark Web.

The latest addition to the aiFraud Managed Service will provide users with best-in-class cyber intelligence. Automatically scanning websites, marketplaces, and forums to detect incidences of leaked sensitive data. Alerts are generated when any information matching specific search terms appears on the Dark Web, creating an early warning service to both businesses and consumers.

Dr Mark Goldspink, CEO of ai, says: “The battleground in the fight against fraud must now include the Dark Web. With the increase in fraudulent activity, it is vital that ai continues to find ways to mitigate and protect our customers even further.

Our partnership with Skurio coupled with our automated aiAutoPilot MLTM technology will ensure that our existing users receive a best-in-class fraud prevention solution, which helps them stay ahead of the fraudster.”

Also Read: [ Global Hyper-Automation Enabled Software Market Will Touch $600 Billion by 2022 | Subscribe our Newsletter for more updates]

According to ai’s data:

  • Dark web traffic has increased by 300% over the last year, as more criminals look to commit fraud remotely due to COVID restrictions
  • Despite increased levels of security, the price of stolen card details on the Dark Web has increased due to increased demand
  • Last year (2020), stolen card testing fraud increased by up to 225% – these cards were almost certainly purchased on the Dark Web

Jeremy Hendy, CEO of Skurio, says: “We’re delighted to partner with ai to bring our Dark Web monitoring technology to their world-leading fraud detection and prevention platform.  Cybercrime is now a trillion-dollar industry, where criminal gangs buy, sell, resell and trade compromised card information across an increasing number of shady forums and marketplaces.

Skurio’s automated monitoring technology provides early warning when cardholder data is leaked, marketed or sold on the Dark Web, hacker forums, and dump sites, allowing ai customers to take immediate action to block compromised cards and cut losses from fraud.”

ai’s cloud-based, automated machine learning fraud detection and prevention tools help all types of issuers and acquirers, to monitor account and merchant activity using pre-authorisation and post-authorisation transaction data. Its unique self-service, fraud detection solutions are considered by many industry ‘thought leaders’ to be the best in the world.

Alongside stopping fraud, ai’s new flexible, aiAutoPilot MLTM orchestration technologies can be applied to many business processes, which require detailed consumer insight, including credit management, marketing (attrition) or pricing. ai’s solutions, including its’ state of the art’ machine learning/A.I, protect and enrich payments experiences for over three million multi-channel merchants, 100 banks and over 300 million consumer cardholders. ai also monitors over 25 billion transactions and authorisations each year.

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