Post-transaction fraud platform, Chargebacks911, has announced a partnership with tech giant Microsoft in an effort to create new ways of tackling fraud.
Chargebacks911 aims to use Microsoft’s Dynamic 365 fraud protection along with their chargeback technology to use data and artificial intelligence (AI) to identify fraud for financial institutions.
This allows companies to be covered by pre-authorisation and post-transaction friendly fraud protection.
“Over the last two years, we have seen an increased reliance on digital channels for everyday living,” stated Monica Eaton-Cardone, COO of Chargebacks911. “As with any unprecedented change in market conditions, cybercriminals have rushed to take advantage of anxious consumers and unprepared merchants.
“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.”
Microsoft has already developed its own adaptive AI technology, which learns patterns of fraud and allows merchants to enhance fraud controls, all whilst reducing losses in the post-transaction fraud phase.
The collaboration with Chargebacks911 allows Microsoft clients to be better equipped with a range of data feeds, creating fewer false positives and higher transaction acceptance rates.
Donald Kossmann, Distinguished Engineer & General Manager, Fraud Protection at Microsoft, added: “These tools decrease fraud and abuse, reduce operational expenses, and increase acceptance rates.
“Together, Chargebacks911 and Microsoft are closing the loop and providing a one-stop, seamless solution for fraud protection, disputes, and chargebacks processing. Over are the days where merchants and banks need to worry about integrating these systems themselves and wondering about the gaps in their armour.”