The COVID-19 outbreak has given cybercriminals a new opening to defraud Canadians.
Playing on the fear and uncertainty unleashed by the pandemic, these scams channel old strategies in a new environment. Cybercriminals during COVID-19 typically pose as government bodies or financial institutions—asking users to give money or download an app.
Fraud figures in Canada have yet to be released, but numbers in the U.S. show the growth of the problem. The Federal Trade Commission received more than 7,800 complaints related to COVID-19 in the first quarter of 2020.
AI and machine learning technology detect fraud by noting abnormalities in consumer behaviour activities, based on past activities. For example, bank technology can spot stolen identities while the fraudster is logged in to the account. The technology does more than detect actual fraud—it helps institutions reduce their false positives for fraud, saving time and money.
This pandemic has broken all the norms. AI predicts the future partly based on historical, so it has at times been fooled during COVID-19. However, it remains a key tool for institutions in their fight against fraud. It will only gain in usefulness after the crisis passes.
How to implement AI in your organization
AI is just one part of a larger digital journey for any organization. Typically an organization progresses from digital to cloud adoption, then it creates a data-driven culture, followed by a business analytics service like Microsoft's Power BI to visualize and make sense of the data. The journey reaches its peak with AI.
AI outputs are only as effective as the system's data inputs. Organizations need an adaptive modern data platform to get the right insights from their data. The platform collects data from multiple sources, stores and transforms for optimal use, and helps stakeholders interact with the data to guide decision-making—using data visualization in close to real-time.
One such platform is called HeroPath. Created by Lixar, it is a scalable solution that helps organizations solve today's business challenges while staying prepared for whatever the future brings. HeroPath helps organizations save money, optimize resources, and do more with less.
BDO + Lixar
Lixar joined forces with BDO Canada in March 2020. A premier AI and data company, Lixar provides end-to-end AI and data-driven solutions, including machine learning, natural language processing, machine vision, and data ingestion to data insights for its clients and partners.
Canadian mid-market clients understand the importance of digital transformation—especially now, in the time of COVID-19. Lixar and BDO are working together to help organizations move forward with tech-enabled resiliency in a new business normal.