Scott Hall, a specialist in digital marketing, sales, and software, has launched a new report that explores the most common types of fraud in 2024, and how business owners can detect and prevent fraud using the latest AI tools.
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Artificial Intelligence (AI) is slowly becoming integrated into many businesses, as employers find the most effective niches for AI tools to work effectively alongside humans. A new report from Scott Hall highlights how AI tools can be used to detect and prevent fraud, how the detection system works, and how business owners can choose the right tool for their needs.
More information about AI fraud detection, AI business tools, and other software solutions can be found in the full report, at https://scotthall.co/how-small-businesses-can-use-ai-to-help-detect-fraud
While AI cannot directly detect fraud in most cases, it can detect patterns that may suggest fraud is occurring, and in some cases can take actions to prevent it. Scott Hall’s new report highlights several techniques that can be used to flag potential problems, explains how each technique works, and provides examples of how an AI tool can stop fraudsters using several popular methods.
Unlike human agents, the report explains that AI tools can monitor a nearly unlimited number of transactions in real-time as they occur, and can use several methods to spot potential issues. This includes noticing anomalies, such as overly large or unusual transactions, and watching for suspicious purchasing patterns that might suggest fraud is occurring.
When AI tools spot a potential fraud, they may be able to notify an employee, halt all transactions, or follow other instructions provided by the business owner. However, there are several unique styles of fraud detection AI, and the report suggests that using the correct software for each business is essential.
Scott Hall’s new report focuses on three primary types of fraud: payment fraud, account takeover fraud, and return and refund fraud. Business owners can find detailed information about each type of fraud, how it can be used maliciously, and how the correct AI tools can be used to prevent it or to flag the issue for employees.
Although “off-the-shelf” AI systems exist, the report suggests that most AI tools are only as effective as their training, and highlights the benefits of learning for each business. Readers will learn about three types of AI training, how to use each one, and how to combine them effectively.
An excerpt from the full report explains, “The first step in training your AI system is to gather the right data. This includes information from previous transactions, how customers behave, and any other important details. It’s crucial to make sure the data is correct and related to the kind of fraud you’re trying to find.”
More information about fraud detection for small businesses, the latest AI tools, and other technology updates from Scott Hall can be found at https://scotthall.co/how-small-businesses-can-use-ai-to-help-detect-fraud
Contact Info:
Name: Scott Hall
Email: Send Email
Organization: ScottHall.co
Address: 60 West 23rd St. Suite 638, New York, NY 10010, United States
Website: https://scotthall.co
Source: NewsNetwork
Release ID: 89134671
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