#everydayai Everyday Artificial Intelligence: AI and Your Credit Cards

Machine learning is used for fraud prevention in online credit card transactions. Fraud is the primary reason for online payment processing being more costly for merchants than in-person transactions.

Square, a credit card processor popular among small businesses, charges 2.75% for card-present transactions, compared to 3.5% + 15 cents for card-absent transactions. AI is deployed to not only prevent fraudulent transactions, but also minimize the number of legitimate transactions declined due to being falsely identified as fraudulent.

Square said the following about its AI system:

In a note to clients Friday, Mizuho analyst Thomas McCrohan highlighted how payments companies are making good use of machine learning, a form of artificial intelligence. Square, he wrote, is leading the pack, as the company’s goal “is to approach every business challenge through the lens of machine learning.”

He points out that while the company ends up processing about 3 million transactions per day, it only has to manually review fewer than 2,000 of them for fraud, thanks to artificial intelligence.

AI also enables the company to send more targeted mailings, which helps Square gain new customers cheaply. Square’s algorithms can also help the company upsell current clients on additional products like loans and payroll management, which have become crucial to growth. “Square’s internal models trigger staff to call or email a client when the data suggests the client would be most receptive to a new value-add service,” McCrohan wrote.

Square’s Machine Learning Obsession is Paying Off

Barron's July 14, 2017 (click here)

About Mastercard's Use of AI

In a press release announcing the rollout of its AI technology, MasterCard noted that 13 times more revenue is lost to false declines than to fraud. By utilizing AI that can learn your purchasing habits, credit card processors minimize the probability of falsely declining your card while maximizing the probability of preventing somebody else from fraudulently charging it.

We're happy to help!

As you start your week, reach out to us! We're happy to help you with activating your inner digital guru.

Using our own EmailPlus and FBPlus system on Data 360's growth, we've grown from 55 users in 2016 to 4,000 in 2017, 20,000 users in 2018 to 60,000 users in 2019 and 2.9 million per month on social media in 2020. We're knocking it out the park and we can help you do it too!

Here are some Data 360 success stories and testimonials:

• Success Stories - About Our Investor and Partner Network (click here)
• Success Stories - Our Reach (click here)
• Success Stories - Sample Client Results (click here)
• Testimonials - Entrepreneur and Investment Training and Workshops (click here)
• Testimonials - Software Bonus Program (click here)
• Testimonials - Workforce Development Training (click here)

Learn more about us on:

• YouTube (click here)
• Instagram (click here)
• Facebook (click here)
• LinkedIn (click here)
• Twitter (click here)

Want to know more?

Are you buzzing about the AI revolution yet? Good!

Do you want to know how to make sure your marketing, sales, or company announcements reach the Inbox and not Spam? Data 360 has the answer.

Data 360's big data, AI and machine learning platform as a service helps you grow your community for marketing, sales, HR, advocacy, customer service and any other relationships with groups of people.

Data 360 combines everyday AI systems to form predictions, utilize email intelligence,provide robo readers and many other features to form our platform a a service at a fraction of the cost of doing it on your own to grow your community.

Tired of Zoom calls already? Want to save money on your Google and Facebook ads? Reach out to us about growing your online footprint and using automation to manage a dynamic community platform at 10% of the cost.

Stay tuned for more examples of everyday AI!

Email our customer support team at [email protected] if you have any questions!