New AI Powers Up Battle Against Online Scams

Online scams are unfortunately becoming more common and trickier to spot, especially with new AI technology making them more convincing. This is a big worry for everyone, from individuals to small businesses.

That's why it's good news that big companies are taking this seriously. Payment giant Visa is splashing out a hefty $2.4 billion to buy a company called BioCatch. BioCatch specialises in using artificial intelligence — that's computer software designed to think and learn a bit like humans — to detect and prevent fraud.

Think of it this way: when you use your card online, BioCatch's AI is working behind the scenes. It looks at how you type, how you move your mouse, and other subtle behaviours. If something looks out of the ordinary, like someone else trying to use your account, the AI can flag it. It’s like having a super-smart detective constantly watching for suspicious activity.

This move by Visa shows how critical AI is becoming in protecting our money and personal information. As scammers get smarter with AI, so too do the companies fighting them. For Aussie small business owners, this could mean better protection for online transactions and a safer environment for customers to shop, which is good for business all round.

Ultimately, this investment means Visa is serious about making online payments more secure. It’s a sign that the fight against online fraud is stepping up, using the very technology that scammers are trying to exploit.