E-commerce has revolutionized the way people shop, trade and carry out transactions in the digital space. The e-commerce boom has proved to be a game-changer for customers and businesses alike and this trend seems unstoppable. However, the explosive growth in e-commerce has also created several challenges, one of which is the increasing cases of fraud. Studies have revealed that fraud in e-commerce is a major problem, as it leads to significant losses on account of lost sales, fraud review cost, etc. Fraud harms the entire e-commerce ecosystem, which includes customers, e-commerce businesses, logistics firms, and payment gateways.
There’s an urgent need for effective fraud prevention tools, techniques and strategies for the e-commerce industry. It’s good to know that some digital security firms are focused entirely on that mission. One such name is ThirdWatch, a leading tech company that is at the forefront of fraud prevention in the e-commerce sector.
In a groundbreakinginitiative that seeks to spread awareness about fraud prevention and enrichindustry stakeholders, ThirdWatch launched the 1st edition of its AI in E-commerce Meetup, ‘AI Unleashed’ on May 18, 2018. The meetup provided critical insights about the current trends in fraud prevention in the e-commerce sector and how advanced technologies such as ArtificialIntelligence (AI) is helping e-commerce businesses to detect and mitigate fraud. The AI in E-commerce Meetup, ‘AI Unleashed’ was attended by some of the best AI experts and enthusiasts in the industry.
The AI Unleashed meetup had three segments, wherein experts talked about a wide variety of issues related to AI and e-commerce. The meetup began with anintroductory statement provided by Mr. Adarsh Jain, the co-founder of ThirdWatch. Mr. Jain provided a brief overview about the role of AI in the context of fraud prevention in e-commerce sector.
After this, Mr. Vaibhav Makhija, Product Manager of The Man Company was invited to share his views. Mr. Makhija discussed the prevailing fraud prevention techniques being used by e-commerce businesses and how these were inadequate in achieving the desired results. He provided an in-depthanalysis of the healthcare sector and explained how AI has been successfully preventing fraud in this domain. Mr. Makhija termed AI as “the need of the hour” for allsectors where fraud is creating significantchallenges for businesses.
The second speaker was Mr. Pradeep Katyal, who works as an independentconsultant for the fashion & food industry. A well-known name in the fashion & food industry, Mr. Katyal highlighted the role and significance of Data Management System for businesses. Mr. Katyal held an interactive session with the audience, wherein he discussed the key issues pertaining to Data Management. He also explained how AI is playing an important role in improving customer experiences.
Next, Mr. Rahul Agarwalla, Co-Founder of SenseAI was invited to share his views. Mr. Agarwalla discussed the role of AI in e-commerce and described how both have become inseparable. He also talked about Big Data, calling it “food of AI”, and how data helps improve the efficiency of AI engines.
The AI Unleashed meetup concluded with a brief session by Mr. Shashank Agarwal, the co-founder of ThirdWatch. Mr. Agarwal spoke about the advanced AI engine developed by ThirdWatch named ‘Mitra’, which has been instrumental in detecting and mitigating fraud in the e-commerce domain. Mitra works in real-time and it is highlyefficient,with the ability to detect fraudulenttransactions in less than 200 ms.
Overall, it was a great learning experience at the 1st Edition of AI in E-commerce Meetup, ‘AI Unleashed’. With result-oriented companies like ThirdWatch and advanced AI systems working together to detect and mitigate fraud, we are assured that frauds will no longer be a constraint for e-commerce businesses.