Artificial intelligence (AI) has started to take form in eCommerce, with many businesses employing chatbots, voice assistants, and machine learning to meet their customers’ expectations.
Aside from expediting customer support and delivery time, though, protecting your customers from payment fraud should be among your main concerns as an online seller.
Credit card fraud is rampant these days as fraudsters get better at hacking into the customer data of online stores. 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 Paysafe as a payment option and your customers pay through Citi as both companies use MasterCard’s artificial intelligence tool called Decision Intelligence (DI) to protect their customers in the UK.
A tool that accurately detects fraudulent transactions
Designed to detect fraud and increase 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.
“Mastercard Decision Intelligence has provided us with a solution that will increase the efficiency of fraud alerts and increase our fraud detection rate, helping us to ensure we are providing our clients the highest security against cyber-crime,” says Elif Kayhan, head of fraud analytics for UK consumer and IPB at Citi.
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.
As to how and why MasterCard came up with this type of AI technology, their executive vice president for Security and Decision Products, Johan Gerber, explains:
“Trust is a currency in itself. Our cardholders want peace of mind and convenience when using their Mastercard. Decision Intelligence enables issuers to approve more of the genuine transactions traditionally declined, while declining more fraudulent transactions that may previously have been approved.”
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?
We hope to hear from you in the comments section below.
As always, to your continued success,
Dave & Matt