In a recent interview with The Paypers, Chargebacks911 founder Monica Eaton was asked to provide her thoughts on automation and how it might help or hinder merchants in the coming year.
The Paypers is a Netherlands-based leading independent source of news and analysis products for the global fintech, payments, and eCommerce industry. The company’s products are aimed at merchants, payment service providers, processors, financial institutions, fintech companies, and technology vendors. Their focus is on major global trends and developments in digital channels, digital transactions, digital identity, and securing transactions.
In the interview, Paypers Editor Irina Ionescu asked Monica about the perks of automation and if merchants can use AI to their advantage to efficiently fight eCommerce fraud. On both topics, Monica is cautiously optimistic, although she remains adamant that merchants shouldn’t rely on any one form of fraud prevention.
“Unfortunately, we have seen eCommerce fraud, from organized crime to individual scams, grow just as rapidly this year as before the pandemic,” Monica explains. “One key factor is the economy — ordinary people don’t have enough money and will find ways to plug the gaps in their personal finances. Chargebacks are an easy and very effective way to get something for nothing, so it is no wonder that many of those who first used chargebacks during the pandemic will keep doing so.”
The situation is fluid and hard to predict. It’s not all bad news, though, as AI and automation may be able to help.
“It is impossible for companies to assign staff to check every order or dispute every chargeback claim, so automation must do the heavy lifting,” Monica continues. “The great thing about using AI in your business is that you can tie it into other systems easier than manual entries from humans. This communication between different systems is already used in major companies and more forward-looking smaller companies and could become a standard across all companies.”