AI Technology To Fraudproof Cardholders
Speed in responding to customer queries and delivering orders can be easily met by online businesses as artificial intelligence (AI) is now in practice in eCommerce.
Many businesses implement chatbots, voice assistants and machine learning to meet, if not surpass, a shopper’s expectations.
However, it takes more than expediting customer support and delivery time to retain your existing customers and gain new ones. As an online seller, you should be able to protect them from credit card fraud.
As fraudsters’ hacking tactics get better over time, gaining access to the customer data of online stores is as easy as one-two-three for them. Unfortunately, every fraudulent transaction they pull off is a nightmare for the duped cardholder and, most especially, store owner who is likely to face chargebacks.
However, you’re lucky if your business offers a payment gateway that supports Decision Intelligence (DI), an artificial intelligence (AI) tool used by a leading credit card network.
If you haven’t heard of that new technology yet, thank MasterCard as they are responsible for implementing it, hence inspiring companies like Citi and Paysafe to use it in order to protect their customers in the UK from the rampancy of card fraud.
A tool that accurately detects fraudulent transactions
Designed to detect fraud and increase the rate of approved genuine transactions at real time, while reducing the rate of false declines, DI is no doubt the answer to a long-standing problem in cyberspace.
The tool goes beyond risk assessment; it examines how an account is used and records any unusual spending behaviours.
DI looks into the customer value segmentation, risk profiling, location, retailer, device data, time and type of purchase made, and then provides the card issuer a predictive score which can be applied to a cardholder’s next transaction.
MasterCard’s inspiration to come up with this type of AI technology stems from one word — trust. Putting themselves in the shoes of their customers, they said every cardholder wants peace of mind and convenience when purchasing products online.
Through decision intelligence, it will be easier for card issuers to approve genuine transactions which are frequently declined, while seeing to it that fraudulent transactions are automatically blocked.
Companies that are currently using DI see it as a major breakthrough that increases efficiency in detecting fraud and, ultimately, protecting their clients from cybercrime.
It’s no doubt an important technology that will further advance eCommerce, as more people would perceive it as a safe shopping platform.
Considering the widespread concern about card fraud, have you employed any AI technologies similar to MasterCard’s DI to protect your eCommerce business and customers?