Fraud is still one of the biggest problems in the world of finance today. Solving this threat has not been easy by any means Ingenico, a well-respected group in the world of finance, has come up with a new solution. Their latest development introduces artificial intelligence for zero-fraud solutions. It is evident AI will continue to make inroads in this particular industry for some time to come.

Leveraging artificial intelligence makes a lot of sense in the financial sector. Traditional anti-fraud solutions seemingly aren’t sufficient whatsoever. Technology-driven countermeasures are in high demand, even though they often yield mixed results. Ingenico Group has introduced a new type of technology which will shake things up quite a bit. Identifying and separating fraudulent transactions from legitimate ones is still the number one priority.

Artificial Intelligence is an Ally Against Fraud

According to the company, this AI solution reduces fraud to zero. Merchants will benefit a lot from this new development, to say the very least. That is, assuming no fraudulent transactions can slip through.Should that be the case, the costs of this transaction will be taken care of by Fraugster. They are also the company responsible for building this artificial intelligence solution in the first place.

Ingenico Group’s Gabriel de Montessus states:

“Fraud is a fact of life for online merchants, but that doesn’t mean they have to just accept it. At Ingenico, we reduce exposure to fraud to a minimum with efficient tooling and expertise. Artificial intelligence is the future of fraud prevention, and this solution will help our merchants improve their performance.”

Merchants suffering from excessive chargebacks will reap the benefits immediately. Moreover, there is also a Fraud Free+ option to cover losses and increase authorization rates. An interesting solution, to say the very least. It is evident Ingenico Group has high hopes for artificial intelligence in this regard. Whether or not that enthusiasm can be justified, remains to be determined.

Header image courtesy of Shutterstock

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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