How to Choose the Right Cybersecurity Solution REGISTER >
CA Technologies today took the wraps off its new CA Risk Analytics Network, a platform that employs artificial intelligence technologies including machine learning and neural network models, along with behavioral analytics, to help protect businesses from online or card-not-present credit card fraud.
Online shoppers aren't the only ones streaming through the virtual doors of online stores. So are scammers. Last year, there was a 42 percent increase in the number of consumers whose cards were misused in card-not-present transactions compared to 2015, according to the 2017 Identity Fraud Report from research firm Javelin.
Learning and adapting as transactions courses through its systems, the CA Risk Analytics Network can detect and block online fraud attempts in five seconds on average, the company claims. By CA's estimates, the solution can help reduce the losses attributed to online fraudsters by 25 percent or $2.2 billion.
"Detecting anomalies quickly and ensuring frictionless authentication are the first steps in preventing card-not-present fraud without impacting legitimate cardholder transactions," said Terrence Clark, general manager for CA Technologies Payment Security solutions, in a May 4 announcement.
"Our data scientists have applied advanced analytics and new, real-time, machine learning algorithms to the global pool of 3-D Secure, e-commerce transaction data and device insights maintained by the CA Payment Security Suite," continued Clark. The result is a system that protects both ecommerce companies and their consumers.
"This provides faster and more accurate online fraud detection and prevention, reducing fraud losses for network members while streamlining online shopping experiences for consumers," Clark said.
Despite its cutting-edge capabilities, CA Risk Analytics Network isn't meant just for deep-pocketed big banks. Smaller card issuers and regional financial firms are welcome on the platform, assured the company.
Security vendors are increasingly turning to AI to address cybersecurity threats.
In March, Albuquerque, NM-based RiskSense announced it had raised $14 million for its AI-enabled cyber risk management platform. Last month, Thycotic launched a cloud-based tool for its Secret Server 10.2 platform called Privileged Behavior Analytics that uses machine learning to spot anomalous behavior in privileged accounts.
And in February, Brooklyn-based container security startup Capsule8 emerged from stealth. The company's security platform uses a combination of AI and security analytics to uncover evidence that attackers are exploiting unreported vulnerabilities in the Linux infrastructures of data center operators.