Fraud, chargebacks, and inadequate refund policies are more than mere annoyances; they're silent threats to your bottom line. Join Dylan Gaines, President of International Payment Solutions, as he delves into the complexities of these financial challenges. Learn from prevention strategies to legal insights on how to protect your business, navigate the ever-changing landscape of digital payments, and transform these challenges into opportunities for growth. Each episode of The Hidden Cost features expert interviews, real-life case studies, and actionable tips designed to safeguard your revenue and enhance your transaction security.
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Fraud, chargebacks, and inadequate refund policies are more than mere annoyances; they're silent threats to your bottom line. Join Dylan Gaines, President of International Payment Solutions, as he delves into the complexities of these financial challenges. Learn from prevention strategies to legal insights on how to protect your business, navigate the ever-changing landscape of digital payments, and transform these challenges into opportunities for growth. Each episode of The Hidden Cost features expert interviews, real-life case studies, and actionable tips designed to safeguard your revenue and enhance your transaction security.
Episode 5: AI Solutions for Fraud Prevention: Balancing Innovation and Ethics
The Hidden Cost
23 minutes
9 months ago
Episode 5: AI Solutions for Fraud Prevention: Balancing Innovation and Ethics
“We've got to find a way to make our technology humanistic or blend in the human element into our technology. So gain the efficiencies of the technology, but maintain that human touch that people want." - Jim Schleckser
Jim Schleckser, a seasoned expert in the technology and payments industry with over 30 years of experience, offers a profound insight into the evolving landscape of payment processing trends. He observes a significant reduction in friction within payment systems thanks to automation and digitalization, though he notes that regulatory constraints and limitations within the banking industry hinder further progress. Schleckser praises Europe for its advanced payment competency, attributing it to effective cross-country collaboration on standards and a cultural mindset that encourages seamless fund flow. Despite these advancements, he stresses the importance of addressing persistent challenges, particularly fraud, and advocates for the careful integration of AI to enhance fraud detection while maintaining ethical standards.
Key Takeaways:
→ Europe is noted to be ahead in payment competency.
→ The use of AI in fraud detection signifies a shift towards more proactive and
effective measures in combating fraud
→ Chargebacks can have a significant impact on a company's operational efficiency
and profitability.
→The integration of AI in decision-making processes requires a balance between
efficiency and human oversight to mitigate biases and ensure ethical outcomes.
→ Managing bias and ensuring ethical outcomes is important in fraud detection.
Connect with Jim Schleckser:
https://www.linkedin.com/in/jimschleckser/
Connect with Dylan Gaines:
https://www.linkedin.com/in/dylan-gaines-a23a0b22/
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The Hidden Cost
Fraud, chargebacks, and inadequate refund policies are more than mere annoyances; they're silent threats to your bottom line. Join Dylan Gaines, President of International Payment Solutions, as he delves into the complexities of these financial challenges. Learn from prevention strategies to legal insights on how to protect your business, navigate the ever-changing landscape of digital payments, and transform these challenges into opportunities for growth. Each episode of The Hidden Cost features expert interviews, real-life case studies, and actionable tips designed to safeguard your revenue and enhance your transaction security.
