UBCNews - Business
AI Fraud Detection Explained: Best Payment Detection Tools, Beginners Guide
AI can do a lot more than chat to your customers - it can also detect fraud in your online stores. Scott Hall, a specialist in AI, marketing, and sales software, explains everything you need to know in this new, free guide. Visit https://scotthall.co/how-small-businesses-can-use-ai-to-help-detect-fraud
ScottHall.co
City: New York
Address: 60 West 23rd St.
Website: https://scotthall.co
- Duration:
- 4m
- Broadcast on:
- 04 Jul 2024
- Audio Format:
- mp3
Not that long ago, I was science fiction, and the closest thing we had in real life was often a person pretending to be a robot. It didn't take long for that to change, and now is everywhere, in every device, helping every person, and growing every business. Did you know, though, that it can even be used to detect fraud? Scott Hall explains how it works in a new, free guide that you can find at the link I left in the description. Before you click it, let me give you the quick version. With the right AI tools, you can have every transaction, visit, and return monitored silently, to watch for suspicious patterns. When something suspicious happens, you can get notified right away, or in some cases, you can even let the AI deal with it. Artificial intelligence or AI is slowly becoming integrated into many businesses, as employers around the world find the most effective niches for AI tools to work effectively alongside humans. This new guide from AI specialist Scott Hall highlights how AI tools can be used to detect and prevent fraud, how the detection system works, and how business owners like yourself could choose the right tool for their needs. It's okay if you're not experienced with AI, because the full guide walks you through every step, and of course, you can always ask an expert for more advice. The truth is, AI cannot directly detect fraud in most cases, it can detect patterns that may suggest fraud is occurring, and in some cases can take actions to prevent it. Scott Hall's new report highlights several techniques that can be used to flag potential problems, explains how each technique works, and provides examples of how your AI tool can stop fraudsters using several popular methods. So what's the difference? Well, one of the biggest advantages is that an AI is fast. It's so much faster than a human, that it can monitor a lot more, and it can often see patterns that are invisible to us. Unlike human agents, AI tools can monitor a nearly unlimited number of transactions in real time as they occur, and can use several methods to spot potential issues. This includes noticing anomalies, such as overly large or unusual transactions, and watching for suspicious purchasing patterns that might suggest fraud is occurring. When AI tools spot a potential fraud, they may be able to notify an employee, halt all transactions, or follow other instructions you've provided. However, there are several unique styles of fraud detection AI, and the report suggests that using the correct software for each business is essential. Scott Hall's new report focuses on three primary types of fraud, payment fraud, account takeover fraud, and return and refund fraud. You can find detailed information about each type of fraud, how it could be used maliciously, and how the correct AI tools could be used to prevent it or to flag the issue for employees in the full guide. I suggest you do, if fraud is a problem for you, because as they say, an ounce of prevention is worth a pound of cure. Although, off the shelf, AI systems exist, Scott Hall suggests that most AI tools are only as effective as their training, and highlights the benefits of custom learning for each business. You can learn about three types of AI training, how to use each one, and how to combine them effectively in the free guide. An excerpt from the full write-up explains, "The first step in training your AI system is to gather the right data." This includes information from previous transactions, how customers behave, and any other important details. It's crucial to make sure the data is correct and related to the kind of fraud you're trying to find. It's your business, and I wouldn't want to try and tell you how to run it. I will tell you this though, it's a lot easier with AI. It doesn't have to do any more work than you want it to, but it's certainly easier, faster, and more efficient when used in the right ways. If you're looking to upgrade your security with some AI tools, read the full expert guide first, and then make your move. It's totally free, just visit the link in the description.