If you have ever been the victim of financial fraud, you know that the time it takes to get back into good standing can be almost as frustrating as the damage to your financial standing.
There are endless calls to credit bureaus, literal nightmares of having to deal with the IRS and sometimes years of explaining your situation before you get your good credit back.
Now, however, one major tech company is using artificial intelligence as a way to minimize and repair financial fraud almost as soon as it happens, in a boon to consumers and companies alike.
Tech giant Microsoft (MSFT) - Get Free Report said this week that it has teamed up with Chargebacks911, a post transaction fraud platform, to help customers identify and remedy fishy or false transactions.
"Financial institutions now have the benefit of accessing Chargebacks911’s friendly fraud analytics in tandem with Microsoft’s adaptive artificial intelligence technology, which learns fraud patterns and helps merchants to optimize fraud controls, dramatically reducing loss in post transaction fraud," the company said in a statement.
Online Scams Are Increasing, Experts Say
Microsoft said in a statement that its partnership will be created with the end user in mind, a welcome development for even the most diehard Microsoft fans.
As the pandemic has lingered and people have been stuck working and doing, well, everything, remotely, online scams and hacks have increased.
Monica Eaton-Cardone, chief operating officer and co-founder of Chargebacks911, said that the last two years have seen a rash of financial fraud that has targeted consumers across the board.
“Over the last two years, we have seen an increased reliance on digital channels for everyday living," she said in a statement.
"As with any unprecedented change in market conditions, cybercriminals have rushed to take advantage of anxious consumers and unprepared merchants," she said.
"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.”
How Will It Work?
The new partnership will allow Microsoft users to access tools that help them figure out what is an actual, valid charge and what is not.
They will have access to a combined data feed and what the company bills as "plug and play connections," which will minimize how much time you may need to spend on the phone with your IT person.
Most importantly, users will see higher transaction acceptance rates and fewer false-positives, making life easier for both the businesses receiving the charges and the consumers making them.
"Chargebacks911 and Microsoft are closing the loop and providing a one-stop, seamless solution for fraud protection, disputes, and chargebacks processing," said Donald Kossmann, Distinguished Engineer & General Manager, Fraud Protection.
"Over are the days where merchants and banks need to worry about integrating these systems themselves and wondering about the gaps in their armor.”