As the coronavirus pandemic has forced businesses online, fraud has spiked across industries. This is especially true for the financial and e-commerce industries.

Dan Krebs, vice president of business operations at, sat down with the award-winning TechTarget to discuss new challenges amidst the coronavirus pandemic. In addition, TechTarget reports on how AI fraud detection and prevention tools are helping merchants overcome these obstacles. 

Fraud Detection and the COVID-19 Crisis.

In the earliest stages of the pandemic, saw a 40% rise in online retail fraud attempts. The risks also increased in federal money distributed, as the U.S. distributed its stimulus checks.

TechTarget Interviews Fraud.Net on Fraud Prevention and Detection during the Pandemic

Yet enterprises aren’t blind to the growth of fraud, and are taking action with the help of Fraud.Net.

As the pandemic has pressed on, Krebs says more companies are showing interest in its cloud-based fraud prevention suite.

For financial institutions that were previously used to transactions on the premises, the COVID-19 crisis has brought upon a fast-paced need for cloud-based AI fraud detection and prevention. “It’s probably going to force them to do five years of upgrades and innovation in three years or less”, Krebs said.

Fraud.Net employs analytics and AI, including supervised and unsupervised machine learning models, to detect and stay ahead of fraud. The company has offered key resources to businesses during the pandemic, and monitored trends to aid industries of all kinds.

Fraud.Net’s tools have made the conversion to online fraud detection practices easy for companies during the pandemic. Krebs described the setup process as quick — customers can use REST APIs to bring data into the platform, and, generally, about 50% of fraud can be detected using the contents of a company’s backlog.

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