Artificial Intelligence Software Saves Credit
Smart Computer Programs Prevent Credit Card Fraud
Aug 2, 2009
Artificial Intelligence software programs are being used in increasing numbers by credit card companies. These programs track the spending habits of a consumer, in order to prevent theft or fraudulent charges. While, in most cases, the consumer is not held liable for fraudulent purchases, the long term effects on a credit report can be devastating. Using AI, or artificial intelligence, to stop fraud before it gets out of hand is the best solution.
Credit Card Information Theft
A thief can obtain a consumer's credit card information in many different ways. Household mailboxes are typically open, with credit card statements, and even replacement cards available for any passerby to take. Many consumers do not take proper care when discarding credit card statements, which are then picked out of the trash by a thief. The wait staff in a restaurant have ample opportunity to copy credit card information while processing the check. These methods, and many more, offer a thief the opportunity to use a consumer's card to commit credit card fraud.
Prevent Credit Card Fraud Using AI
Credit card companies use artificial intelligence software to prevent credit card fraud. Computer programs are taught to monitor a consumer's spending habits and patterns, and flag any credit card transactions that are out of character. This prevents credit card fraud by stopping a thief from making transactions without notice to the cardholder.
Smart Computer Programs Monitor Credit Card Transactions
A consumer who typically uses their credit card to pay for minimal transactions at gas stations and grocery stores, for instance, is not the type to go on a shopping spree for jewelry and other expensive purchases. Once the shopping spree begins, the artificial intelligence software blocks the card's use, and notifies the consumer that irregular credit card transactions are taking place. The consumer has the ability to clear the transactions, and permit the use of their card, or begin the process of disputing the charges at that time. Before the use of this software, a thief could charge up to the limit on a consumer's card without their knowledge.
AI Credit Monitoring Benefits Lenders
The consumer is seldom held accountable for any of the fraudulent charges that result from credit card transaction fraud or identity theft. The thief, if caught, is seldom able to refund the money to the credit card company. It is in the lender's best interests to find a way to stop credit card fraud before the thief really gets started, and artificial intelligence software gives them that ability with credit monitoring software.
The use of artificial intelligence software to monitor credit transactions has improved business for credit card companies, by reducing the amount of loss due to credit card fraud. Consumers benefit by a reduced or eliminated effect on their credit ratings, as well as enhanced peace of mind.
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