Mentions ways through which AI algorithm detects online fraudulent transactions
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Answer: The things people used to buy at shops years ago are now purchased online, no matter what they are: furniture, food, or clothes. As a result, the global E-Commerce market is rapidly rising and estimated to reach $4.9 trillion by 2021. This undoubtedly triggers members of the criminal world to find paths to victims’ wallets through the Web.
Federal, local, and state law enforcement agencies along with private organizations reported 3 million cases of identity theft in 2019. Money was lost in about 25% of these cases. According to the IC3 (Internet Crime Complaint Center), financial losses caused by fraud in 2019 were at its highest ever; the IC3 processed almost 500,000 complaints. In addition, the IC3 reported that business and personal losses in 2019 were almost $3.5 billion higher than in 2018.
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