Chargebacks911 Advisor to the Board Roger Alexander was recently asked to share his thoughts on the potential applications of AI as a tool to fight friendly fraud in a new article published by Fintech Finance News.
Fintech Finance News offers a range of advertising and promotional opportunities to support marketing campaigns, build brands, attract delegates to events and reach new prospects. They work with renowned executives in the industry to provide key decision-makers globally within leading financial services organizations with reliable and accurate intelligence on emerging trends and breakthrough technologies, helping them to make informed decisions.
As noted in the piece, global losses resulting from payment fraud totaled $48 billion in 2023. Something needs to be done to counter these threats, and artificial intelligence may present a whole range of new options to advance the fight.
“This is exactly what our technology was built for, and our AI capabilities have long been our ‘secret weapon’ for years,” Roger says in the piece. “Since we first rolled out our platform to banks and businesses, the predictive power and efficiency of machine learning has enabled our customers to significantly reduce the legwork around analyzing, compiling, segmenting and submitting transaction date, which can drastically reduce incidences of illegitimate chargebacks for merchants, safeguarding their revenue and customer relationships.”
