Investing in cybersecurity is now becoming a priority for hundreds of companies. Especially the giants, who are in a gold rush to achieve leadership in the development of generative artificial intelligence.

Before you get to know these innovative tools, you need to bear in mind that the number of attacks on passwords, according to Microsoft’s Digital Forensic Report 2023, is 4 million every second.  This, of course, does not include phishing attacks, ransomware and fraudulent actions, which continue to grow considerably every day.

That’s why, McKinsey’s Global Survey, also from 2023, points out that the explosive growth of generative AI tools came less than a year after the launch of tools such as Chat GPT, Bard and others. A third of all respondents said that organizations are implementing the use of these tools in at least one business sector.

What could have been a topic restricted to technology professionals and companies is now on everyone’s mind. It’s a scenario in which AI is making its presence felt in various segments, such as health, education and, finally, security. The focus is on improving not only consumer productivity, but also their experience with the products and services offered, as well as security during this contact.

That’s why we at Tracenet are going to highlight recently launched tools, such as Microsoft’s fraud detection tool and Google’s Transparency Center. Be sure to check them out!

Examples of artificial intelligence developed by multinationals

Many companies today are working on the development of artificial intelligence. Whether generative or machine learning, the aim is to bring new possibilities to users and employees on a daily basis. Companies such as PayPal, Amazon, Google, IBM and Microsoft stand out in the market by launching tools focused on fraud prevention and cyber security solutions.

Apple also implements artificial intelligence technologies in its devices and services, such as facial recognition on the iPhone and virtual assistants like Siri, with the aim of providing a more personalized and intuitive experience for its users.

These initiatives demonstrate the potential of artificial intelligence developed by multinationals to transform various sectors and improve people’s daily lives. Shall we take a closer look at some of them? Read on!

1- Mastercard launches AI capable of increasing fraud detection by 300%

At the beginning of February 2024, Mastercard, a leading provider of payment solution services, announced the development of a new unique AI system aimed at
helping financial institutions to identify cases of fraudulent transactions more easily.

According to the leader of the company’s digital security and advanced analytics division, Ajay Bhalla, the recent innovation based on artificial intelligence was developed in-house by the company’s team specializing in cyber protection and fraud prevention.

This development was made possible by feeding in information from the more than 125 billion annual transactions on this card network, enabling Decision Intelligence Pro to gain a deeper understanding of the connection between merchants and possible fraudulent actions, based on an analysis of the cardholder’s travel history.

For Mastercard’s vice-president, this new technology has the potential to boost users’ financial security, but it is still important to find the right balance between fraud detection and false positives.

2 – PayPal’s efforts to avoid e-commerce fraud

The leader in electronic payments is also a strong competitor in implementing strategies to protect the assets of those who buy and sell in online transactions.

According to the “Profile of Brazilian E-commerce” survey conducted by Big Data Corp in collaboration with PayPal, it is essential to be vigilant against fraud in electronic payments, which can cause annual losses of more than US$4 trillion.

With a customer base of 6 million in Brazil and recognized as the world’s leading electronic payment platform, the company maintains strict protocols and, like Mastercard, has been investing in anti-fraud technologies on an ongoing basis. Included in the company’s anti-fraud work are detailed reports, analysis and financial management tools. PayPal’s seller protection program is an example of this, helping companies to manage risks and protect themselves against chargebacks and purchase cancellations, as long as they meet the established requirements.

Based on billions of annual transactions in 200 markets, with 360 million active users and 27 million sellers, PayPal monitors and combats fraud, allowing legitimate transactions to be approved more efficiently.

Tips for implementing AI tools for cybersecurity in your company

It’s not just multinational giants that can invest in creating and implementing cybersecurity oriented artificial intelligence tools in their day-to-day operations!  By adapting to your reality and meeting the demands of consumers and employees, you can bring solutions that make sense for your business, constantly improving the health and reputation of your brand.

Here are some tips to help you achieve an efficient and secure implementation:

• Evaluate your cybersecurity needs: identify the weak points and possible threats currently present in your infrastructure.
• Determine which tools can help solve these problems: there is no need to develop new technologies. There are many tools available on the market. With good research and the help of qualified professionals, your demand for threat detection, attack prevention, user behavior analysis, among others, can be easily solved.
• Integrate with your existing infrastructure: make sure that the AI tools you choose can be easily integrated with your existing cybersecurity infrastructure. This will ensure a smooth and efficient transition and avoid compatibility issues.
• Improve continuously: keep up to date with the latest trends and technologies in cybersecurity and be prepared to adjust and improve your AI tools as necessary

By following these small tips and steps, always with the support of reliable suppliers and software, you can successfully implement cybersecurity-oriented artificial intelligence tools in your company. You can count on Tracenet Solutions!