Cybercrime could cost the world trillions of dollars each year. However, as Chargebacks911 CEO Monica Eaton explains in a new piece published in The Fintech Times, machine learning technology may provide a solution.
The Fintech Times is a bimonthly publication exploring the explosive world of financial technology. They blend first-hand insight, opinions, and expertise with observational journalism to provide a balanced and comprehensive perspective of this rapidly evolving industry.
AI has been one of the hottest topics in technology over the last several years. But, the applications extend far beyond large language models like ChatGPT.
“While we must ensure that AI tools are working within the right perimeters and are accurate and up to date, AI (or more accurately, ML) in anti-fraud applications have become adept over time at finding fraud and representing chargebacks,” Monica explains. “The anti-fraud industry can quickly spot irregularities and patterns within data, something that computers are uniquely good at.”
With any new technology, there will be hiccups and missteps. But, as Monica notes, “If we want to move forward successfully with AI, we have to be realistic about its capabilities over the coming years, as more retailers implement it into their workflows.”
