Monica Eaton, Founder and CEO of Chargebacks911, was recently invited to share her thoughts on the development of artificial intelligence in a new guest feature for Total Retail.
Total Retail is “the go-to source for executives looking for the latest news and analysis on the retail industry.” Through various forms of content and community-building events, Total Retail serves its mission to provide retail executives with the information they need to do their jobs more effectively.
Monica notes that, while AI can simulate human interaction, it cannot “think” in the human sense. It’s limited to reinterpreting information only. As she says in the piece, “if the information which responses are based on are inaccurate or outdated, then AI tools could cause mistakes, disruptions or misguidance.”
Monica uses fraud detection and chargeback prevention as a way to illustrate effective applications of machine learning technology.
“ML can also look for patterns in chargeback management, which can be as basic as whether a person has repeatedly issued chargeback claims,” she says. “More importantly, this can be done on a per-retailer basis, so the machine-learning algorithm learns the specific nuances of how fraudulent chargebacks affect a particular merchant’s business.”
