Don’t worry if you missed Riskified’s recent webinar about the impact of AI on fraud in the EMEA region – you can now watch the entire session on demand.
This insightful webinar, featuring industry experts from Air Europa and AstroPay, provided a deep dive into the escalating sophistication of online fraud, predominantly fuelled by advancements in Artificial Intelligence.
Danielle Zobanek, Sr. Director, Global Merchant Health at Riskified, highlighted a critical shift: fraudsters are no longer just targeting individual businesses, but are now attacking entire industries, effectively applying successful tactics across multiple merchants.
This alarming trend underscores the vital need for a networked approach to fraud prevention.
The webinar explored how AI has dramatically enhanced each component of the ‘fraud equation’, i.e. who (victim details), where (site vulnerabilities), and how (attack infrastructure). AI now facilitates highly convincing phishing attacks and enables the bulk purchase of stolen credentials on the dark web.
It also aids in bypassing traditional security measures like KYC (Know Your Customer) and CAPTCHAs, with deepfake technology creating disturbingly realistic IDs and voices. AI has democratised the ‘how’, allowing even non-technical individuals to deploy sophisticated tools like credential stuffing bots.
Yago Casasnovas, Fraud Prevention & Ecommerce at Air Europa, and Rodrigo Bermudez, Director of Fraud & Risk at AstroPay, shared their real-world experiences. Both underscored the complex challenge of balancing customer experience with robust fraud detection, particularly in diverse international markets.
They also emphasised the necessity of moving beyond outdated rule-based systems towards AI and machine learning-driven solutions that can analyse vast data points and detect complex, evolving fraud patterns.
The webinar clearly illustrates the ‘AI arms race’ in fraud prevention, where continuous adaptation and advanced AI deployment are essential to stay ahead.
Discussions also touched upon GDPR compliance, confirming that data sharing for fraud prevention is permissible under the regulations, with a strong emphasis on privacy-by-design principles.
To take a deep dive into these challenges and the innovative solutions being deployed by Riskified, you can watch the entire session here.
