Christmas is just over a week away, which means the holiday shopping season is in full swing. Consumers are spending billions of dollars per day on gifts in anticipation of the big day. But the fraudsters are also out in force to steal a piece of the action. Luckily, AI and machine learning are getting better at identifying these grinches before they ruin things for the rest of us.
The math is pretty simple: The bigger the holiday buying season, the bigger the pay day for fraudsters. Deloitte predicts that online sales during this holiday season will increase between 14% and 18% compared to the previous year, accounting for $149 billion in sales. Overall holiday spending is expected to top $1.1 trillion, it said.
Author: Alex Woodie