Phishing is a veteran method used by hackers to gather personal information through deceptive e-mails and websites that seem legitimate. The attacker attempts to trick the email recipient into believing that the message is something they need. It might take the form of a request from their bank, or a note from a co-worker. It will usually be accompanied by a link or an attachment. The fake website may feature a particularly attractive offer or discount on products.
Phishing, as well as other forms of cyber attacks, have become increasingly sophisticated. The use of fraud detection systems based on machine learning and analytics minimizes fraud investigation time by 70% and improves detection accuracy by 90%. Most advanced payment solutions feature fraud detection screening that can be adjusted according to risk levels at each market.