Can AI Help Tackle the Surge in Chargeback Fraud?New Guest Feature by Chargebacks911® CEO Monica Eaton Published by Financial IT

May 11, 2023 | 2 min read

Financial IT

Monica Eaton, Founder and CEO of Chargebacks911, was invited to share her expert insights in a recent feature for industry publication Financial IT.

Financial IT is are a platform providing content and market research tools for finance professionals. Wherever financial services meets technology, Financial IT provides corporate intelligence and actionable insight. This has been their mission for the last ten years.

While chargebacks are nothing new, data from several sources suggests they are becoming more of a problem than ever. As Monica explains, AI and big data may help create a solution... but there is a limit to the technology's impact.

“While machine-learning tools can produce perfect text by copying existing text rather than ‘thinking’ about the substance of the question, they are prone to producing errors,” Monica explains. “While a copywriter can work around these mistakes, AI solutions are not acceptable when it comes to fields like fraud prevention. Within the binary world of whether an action was fraudulent or not, machine-made platitudes will not cut the mustard and unfounded accusations will only serve to damage a merchant’s relationship with their customer.”

What businesses need, Monica elaborates, are solutions that are tailored to addressing chargebacks as a distinct matter, rather than general purpose AI. “Such solutions are already on the market and their models are based on tailored datasets aligned with the growing demands in the dispute and chargeback arena,” she says.

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