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How artificial intelligence prevents payment fraud

The e-commerce industry has continued to gain traction in Hong Kong in recent years. About 88 percent of Hong Kong people shopped online last year. Most shoppers were aged below 30, according to a report from Nielsen Corp.

About 41 percent of these online shoppers used mobile devices. Clothing (52 percent) was the top category of online purchases in the city, followed by air tickets (41 percent). Surprisingly, the average order value of online shopping orders made by Hong Kong people actually doubled the amount of their counterparts in the United States. The amount they spent in clothing was four times that spent by Americans. While online shopping is getting increasingly popular, cyber securityCyber Security describes the protection of computer systems. The systems' hardware, software, as well as data which is stored in it can be stolen, damaged, taken off line etc. While there is less sensitive data, it does make sense to protect for example customer data or systems which run nuclear plants from being hacked. has also become a new concern. Fortunately, tremendous advancement in machine and artificial intelligenceArtificial Intelligence knows many different definitions, but in general it can be defined as a machine completing complex tasks intelligently, meaning that it mirrors human intelligence and evolves with time. in recent years have helped identify suspicious transactions and prevent payment frauds, according to a technology expert.

Free Wi-Fi and Online Shoppers

“Online shoppers should always be aware of cyber security threats. People who use public free Wi-Fi to shop online may easily fall victims to the hotspot scam,” said Erwin Huang, associate professor and senior adviser (entrepreneurship) of the Hong Kong University of Science and Technology. “Hackers may have set up bogus hotspots offering free Wi-Fi in public cafes and stolen mobile users’ passwords, credit card numbers and personal details.”

Second Level Authentication

Huang said users should rely on 4G mobile networks if they are unclear about the Wi-Fi source. He said mobile users can also use a second level authentication. “Simply speaking, when you type in your login and password, the merchant will send you a string of codes through a text message to complete the transaction,” he said. “Such procedure can ensure that no one can access your account even if hackers have stolen your password.” However, consumers may find it inconvenient and frustrating as they have to input more information during the checkout process. […]

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