Buying a gift card online, as a gift for a birthday or for an event, is extremely common. According to a survey by research firm NAPCO, in 2020 the demand for gift cards reached an all-time high in the world, with 71% of respondents saying they would prefer to purchase a gift card as a gift over other options.
However, because they are purchased online and are actually a digital product, they are exposed to a variety of scams by hackers, who obtain credit card information and turn the loot into cash through the vouchers they have purchased. According to a study conducted by TransUnion, which examines online hacking, between March 2020 and March 2021, there was a 46% increase in fraudulent attempts by businesses offering gift cards for purchase worldwide.
The Israeli technology company Nsure ai has developed a unique system that helps identify buyers who purchase the vouchers using stolen credit information. Using AI-based technology, Nsure ai’s system is able to identify suspicious profiles, and alert the business in real time that this is an illegitimate buyer. This is how the company helps commercial networks twice: on the one hand, the solution prevents fraud even before it happens, and on the other hand prevents the cancellation of many legitimate transactions due to the high risk.
“Fraud offenders in this type of product build robots that attack sites that sell these products, and immediately sell them. Their purpose is not to steal one product or another, but to turn a list of stolen means of payment into money,” explains Alex Zeltzer, CEO and founder of the company. “Including gift cards, digital games, various cards, digital wallets and more, is estimated at about $ 100 billion worldwide.”
“Anshor’s technology mainly detects the scams in which hackers try to steal products at a very high rate, rather than stealing a single product or another,” he adds. “The patterns that technology recognizes and blocks are very different from those common in the market segments of physical products sold online.
The technology is based entirely on machine learning and artificial intelligence. The information comes from the merchants or retailers that the system protects – information about the sale, the means of payment and the like. In addition, the system receives indications from a variety of cyber systems on the network. “
Lior Tagur, CEO of CoachBase Israel and Eastern Europe and Russia, explains how their technology enables Anshor’s system to do its job.
“Examining a single action and deciding whether it is legitimate is one problem, but making decisions based on multiple events, such as detecting online scams, also makes the problem a big data problem. Couchbase is a unique platform capable of dealing with millions of events simultaneously, addressing “Variable workloads, and support rapid real-time decision-making. This, in addition to a particularly high security standard, allows organizations that rely on data as part of their business strategy to succeed and rise.”