Microsoft has teamed up with Chargebacks911 to use artificial intelligence in the fight against financial fraud.
As people become more dependent on the internet and technology, bad actors and financial fraud are a growing issue. With the explosion of cases, however, analyzing and combating fraud is a daunting task, let alone the efforts needed to repair the damage in the aftermath.
The two companies are combining their technology — Chargeback911’s fraud analytics tools with Microsoft’s adaptive artificial intelligence via its Dynamics 365 Fraud Protection platform — in an effort to address the problem.
The combination of technologies will make the identification of potential fraud much faster, more reliable, and should lead to fewer false-positives (you know those annoying calls asking you to verify a charge). The solution can also be white-labeled, giving financial institutions the ability to offer it directly to their customers.
“Over the last two years, we have seen an increased reliance on digital channels for everyday living,” says Chargebacks911 COO Monica Eaton-Cardone. “As with any unprecedented change in market conditions, cybercriminals have rushed to take advantage of anxious consumers and unprepared merchants. Dozens of online scams and fraud methods have developed over the last 12 months and are causing additional confusion and losses for both businesses and consumers alike.”
“These tools decrease fraud and abuse, reduce operational expenses, and increase acceptance rates,” Microsoft Distinguished Engineer & General Manager of Fraud Protection Donald Kossmann added. “Together, Chargebacks911 and Microsoft are closing the loop and providing a one-stop, seamless solution for fraud protection, disputes, and chargebacks processing. Over are the days where merchants and banks need to worry about integrating these systems themselves and wondering about the gaps in their armor.”
