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About
In a 24-hour hackathon hosted by BrainStation and American Express, I collaborated with a multidisciplinary team to address the escalating issue of AI-driven fraud in the financial sector. This intensive experience involved diving deep into the world of fraud prevention, analyzing existing tools like SafeKey and Enhanced Authorization, and brainstorming innovative solutions to empower American Express customers.
Our team's "Fraud Prevention Center" concept aimed to revolutionize how users interact with and understand security measures. Through gamified educational modules, personalized alerts, and real-time threat intelligence integration, we envisioned a platform that not only educates but also actively engages users in their financial security. The prototype we developed demonstrated the potential of this user-centric approach, showcasing the power of combining AI-driven detection with proactive user education to combat the evolving landscape of fraud.
Project Type
24h Hackathon (BrainStation, Academic Project)
Timeline
24h - June 27/28 2024
My Roles
UX Researcher, UX/UI Designer, Content Designer, Pitch Deck Designer
Design Tools
Figma, Perplexity, iOS, Canva
Fraud Prevention Center
Empowering Users Against Fraud
The Challenge
AI, once a tool for progress, is now exploited by fraudsters
Our challenge: Leverage digital tools to combat AI-driven fraud while maintaining seamless user experiences
Problem Statement
Imagine a world where artificial intelligence, once a tool for progress, is now being wielded by cunning fraudsters to orchestrate elaborate scams.
That's the reality facing financial institutions today, and American Express tasked us with a crucial challenge: How might we...leverage digital tools to prevent fraud that occurs by bad actors leveraging AI to commit fraud, while maintaining a seamless user experience for our banking customers?
American Express, while equipped with robust fraud prevention tools, faces the challenge of staying ahead of these increasingly sophisticated threats.
Secondary Research
The rise of AI-powered fraud is a significant and escalating threat, with U.S. credit card fraud losses reaching $246 million in 2023. The demographic most affected is individuals aged 60-69, highlighting the vulnerability of older populations. Fraud schemes, including deepfakes, synthetic identities, and sophisticated social engineering tactics, are exploiting the gaps in traditional security measures. As a result, financial losses are mounting, and consumer trust in digital banking is being eroded.
Addressing this growing challenge requires a fundamental shift from reactive to proactive strategies within the financial industry. Leveraging AI and machine learning for real-time threat detection and anomaly identification is essential. Additionally, empowering customers with the tools and knowledge to actively participate in fraud prevention will be crucial in mitigating risks. Cross-sector collaboration between financial institutions, tech companies, and regulatory bodies is necessary to develop innovative solutions and ensure robust protection for consumers in the evolving digital banking landscape. By fostering this collaboration, the industry can stay ahead of emerging threats and preserve the integrity of digital financial systems.
American Express seeks to stay ahead of these evolving risks
AI advancements create sophisticated fraud threats, challenging traditional security measures
Revised HMW Question
How might we design innovative and engaging data collection strategies that gather insights into user behavior and knowledge and actively involve them in the fight against AI fraud?
Define
User Persona
Research revealed users want robust, understandable security. We created a user persona to guide our design, ensuring solutions meet user needs and preferences.
Meet Alice
60 | Denver, CO | Widowed | Retired
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Values financial stability and seeks secure tools to protect against fraud and ensure retirement savings.
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Isn’t sure what potential threats are
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Comfortable with basic technology, but requires some assistance with advanced security features and navigating digital platforms.
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Uses digital platforms for banking and appreciates clear instructions and support for new security measures.
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I value secure and reliable systems. I'm eager to learn new methods for safeguarding my financial assets and contributing to a secure online environment
Enhancing Security:
A Collaborative Approach
We envisioned American Express leading the charge in transforming cybersecurity into a partnership between the company and its customers. This collaborative approach, fueled by our research, focuses on three key pillars:
Empower customers with personalized, interactive modules within the American Express app to learn about fraud tactics and safety best practices.
01. Cybersecurity Awareness and Training
Use AI and machine learning to proactively identify emerging threats and adapt security measures, protecting customers from AI-driven scams
02. AI-Powered Threat Analysis
Implement real-time, contextual alerts based on user behavior to empower customers to act immediately on suspicious activity, enhancing fraud prevention.
03. Smart Alerts
We believe modern cybersecurity is a shared responsibility between companies and customers. Our proposed Fraud Prevention Center within the American Express app empowers users to actively protect their financial well-being.
How can Machine Learning tie into the Fraud Prevention Dashboard?
Machine Learning personalizes educational modules based on user demographics and client levels, ensuring tailored and relevant fraud prevention training for each user.
01. Personalized Fraud Education
Machine Learning collects and analyzes data to predict fraud vulnerabilities, enabling proactive measures and enhancing the security of user accounts.
02. Predictive Fraud Vulnerability
Ideate
UI Inspiration
American Express Experience
To ensure a seamless user experience, we meticulously researched and adhered to American Express's established design guidelines. The prototype's visual elements, layout, and interactive components were crafted to mirror the look and feel of the existing app, creating a familiar and intuitive environment for users. This approach not only enhances usability but also reinforces the credibility and trustworthiness of the Fraud Prevention Center as an integral part of the American Express ecosystem.
Closing Remarks
Key Learnings
Fraud Is a Growing Concern: Fraud is not a problem to be solved but a constant challenge to overcome
Artificial Intelligence: Fraud will become more accessible and possibly more effective through the use of AI tools.
Securing The Person: Often, the most vulnerable aspect of an information system is the people who use it.
Shared Responsibility: Cybersecurity is everyone’s responsibility, ensuring a secure future requires a collaborative effort.
Making It Matter: Education & awareness should incentivize cardholders to make security matter for their accounts.
Data Enrichment: Data acquired from user profiles can enhance the analytic capabilities when combined with existing tools
Next Steps
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Paradigm Shift: American Express will provide a major contribution to a shared responsibility model between customers and organizations to enhance security.
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Additional Features: Throughout the development of this new service, additional features can be added such as personalized risk assessments and Amex Rewards.
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Development & Integration: The final product will integrate seamlessly with the already existing ecosystem further improving and diversifying the cybersecurity tools for American Express.
Task Flow
This task flow illustrates how a user like Alice, our representative persona, would navigate the Fraud Prevention Center within the American Express app to engage with educational modules, and ultimately enhance their account security.
