New AI-powered solution from F5 Networks blocks fraud missed by existing technologies, improves users’ online experience
JOHANNESBURG – January 28, 2021 – Businesses around the world are wrestling with online fraud prevention. To give some perspective around this, global research and analytical services company, Juniper Research, estimates that online fraud losses are projected to exceed $48 billion per year by 2023. This includes reasons such as new applicant and account fraud, account takeover fraud, digital payments fraud and loyalty programme fraud.
This information is outlined by F5 Networks, which makes apps operate faster, better and more safely for the world’s largest businesses, service providers, governments and consumer brands. F5 completed its acquisition of Shape Security, a leader in fraud and abuse prevention, during 2020.
F5 notes: “Legacy fraud tools rely on weak data signals and static rules to try to catch increasingly clever fraudsters. Often, these tools can’t clearly determine if the user’s intent is good or bad, and resort to putting additional burden on good users to prove their legitimacy through hurdles like multi-factor authentication (MFA) challenges. The result: bad experiences for good users, as well as financial losses and frustration when fraudsters get by ineffective defences.”
In response to the global issue of online fraud, F5 has introduced its Shape AI Fraud Engine (SAFE), a new SaaS solution that eliminates fraudulent online transactions that get past existing fraud tools. SAFE uses artificial intelligence (AI) technology to evaluate each online transaction across a variety of telemetry, environmental, and behavioural signals to accurately understand user intent and block human fraudsters before the fraud occurs.
Marcel Fouché, Networking and Storage General Manager at value-added distributor Networks Unlimited Africa, a channel partner of F5 in sub-Saharan Africa, explains: “The Shape AI Fraud Engine is designed to protect businesses and consumers – resulting in up to 90 percent less friction for known good users - while reducing workloads for fraud teams. As a fully managed service and AI-powered offering that can detect and block evolving threats, SAFE protects modern and traditional applications.”
F5 clarifies that application owners face two core sources of online fraud against their applications: bots and other forms of malicious or abusive automation, and real humans with bad intent. Through machine learning, Shape distinguishes automated traffic (bots) from humans as well as malicious traffic from benign, and provides dynamic defences to prevent fraud and abuse, while enhancing user experience.
F5 makes apps operate faster, smarter, and safer for the world’s largest businesses, service providers, governments, and consumer brands. F5 delivers cloud and security solutions that enable organisations to embrace the application infrastructure they choose without sacrificing speed and control. For more information, go to f5.com.