Technology and electronics dominate our society, in such a modernized age it’s hard to picture getting through the day without interacting with them. As convenient as these things have made our lives they aren’t without risk. Online counterfeit and fraud caused losses over 300 billion dollars in 2017 alone. Government agencies strive to work against these online groups committing these crimes, some of which have been found to be linked to terrorist organizations. These criminals not only target people’s bank accounts but also aim to sell fake brand name products such as medicine and clothing. Companies around the world have made efforts to make the public aware of what is going on and assisted in preventing public harm in these events.
In an effort to combat these acts of fraud and theft, artificial intelligence can search online resources for information found to be fraudulent such as keywords or images that can prompt action to shut down these online criminals and keep online shoppers and the brand names safe. While this proves challenging as criminals adapt their methods to evade being found out by the search engine the AI uses, it continues to be a tug of war between the two groups as each upgrades their efforts to outdo the other.
— PSI-Pay (@PSIPayLtd) August 24, 2015
PSI-Pay is a payment solutions company that was founded in 2007. Their primary effort is to provide business owners and individuals with secure banking methods through their partners such as Visa and Mastercard. In 2018, PSI-Pay took action with their partner to work on the first contactless payment system, seeing this as a growing need for the economy due to online sales and a move away from cash. This system of no contact payment they’ve helped to develop steps from using cards or cash into paying with your smartphone or even a key ring. Many retailers have already accepted this new method of payment and made it convenient and easy for their customers.