Artificial intelligence (AI) is the way of the future—and more and more companies are using it to detect and ultimately prevent fraud.
Interested in using AI for fraud prevention?
Here are three benefits to doing just that:
- AI will help you detect fraud in real time.
Before artificial intelligence, companies had to wait six to eight weeks for chargebacks to roll in. This meant digital businesses had to frantically play catchup long after the incident took place.
AI, however, can help detect fraud in under a second.
With a blend of supervised and unsupervised learning, you can stay on top of your fraud detection efforts using AI—identifying attacks immediately as a result.
- Stay up-to-date on emerging activities and behaviors.
Instead of depending on past experiences to pinpoint anomalies, you can use artificial intelligence to notice risky behavior automatically.
What this means: While fraud prevention systems previously relied on a unique set of rules based on former patterns of fraud, AI leverages this and more—also taking into account future trends.
From there, you can make informed decisions involving whether to accept or reject payments, limiting chargebacks and risk all the while.
- Stay compliant with internal and external policies and regulations.
Gone are the days of struggling to stay in compliance manually in the midst of ever-changing rules and regulations.
With AI-based fraud prevention, you can remain in agreement with distribution partners, your own company policy, and regulatory agencies.
This will allow you to focus more on your core business and reduce the likelihood of false positives.
The result? A frictionless experience for everyone involved, including fewer manual escalations and declines for your customers—and fewer headaches for your people.
Looking to use AI in order to prevent fraud? SinglePoint Global can help. Please contact us for details.
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