5 Ways this Fraud Management AI is Revolutionizing Fraud & Disputes

Man using fraud management AI ARIA in office on a desktop computer.

The biggest misconceptions about artificial intelligence are that it’s too advanced, costly, and complex for teams to integrate and manage successfully. People tend to think of AI in terms of large machinery or a C-3PO type robot, but AI technology mostly exists behind the scenes on cloud or software platforms, which can make it quite simple to deploy. Over the past decade, advances in cloud computing and data availability have made AI technology available to more organizations than ever before.  

Quavo, Inc. was the first Fintech to identify AI opportunities for fraud and dispute resolution processes. Not only did Quavo experts identify these opportunities, but we turned them into the first product that enables complex auto decisions in the dispute process for issuing banks and processors. Quavo’s team of regulatory, financial, and IT experts developed ARIA (Automated Reasonable Investigation Agent), our fraud management AI to conduct investigations as a human would to deliver virtually instantaneous decisions.  

The great thing about ARIA is that she puts all the information together in one highly auditable and digestible place for Regulation E and Regulation Z compliance. Before ARIA, most issuers set auto pay thresholds and did not research anything below the thresholds. With ARIA, issuers can investigate all cases, no matter the dollar amount to ensure that no case goes untouched.  

Quavo’s fraud management AI… 

1. Integrates with Any Existing Dispute Management Software 

ARIA integrates with any fraud detection, fraud alerts, chargeback management, or merchant collaboration software. She is cloud based and tech agnostic, enabling issuers to use her without having to alter their current dispute management platforms – whether they are using a third-party or a custom-built solution.  

2. Requires No IT Resources or Continued Maintenance 

ARIA requires virtually no integration and she is supported by our team of financial and technical experts, at no additional cost. Our team of experts consistently analyze ARIA’s model, evolving algorithms using factors like geovariance, declined velocity, trial merchants, and IP addresses to make better, more consistent decisions.  

3. Serves Multiple Teams 

The best approach to bringing on AI technology successfully is to implement a balanced solution that benefits more than one team. We built ARIA to help multiple departments, whether they focus on risk, compliance, fraud, customer service, or accounting.  

4. Customizes to Your Business Rules 

We developed a fraud management AI that can be customized to fit not only your team’s requirements but also the standards of your company. ARIA delivers consistent decisions to ensure a better customer experience for your account holders. ARIA features a fraud appetite, risk assessment chart to ensure that she upholds your company policies when it comes to investigating and resolving fraud and dispute cases.  

5. Has No Minimum Requirements 

There are no costly or drawn-out implementation fees to add ARIA to your dispute resolution process. There are no minimum transaction costs, user, or transaction limits associated with ARIA and she can work as many cases as you need her to, delivering decisions within a matter of seconds.  

ARIA can be used as much or as little as your team needs. Financial institutions looking to offer a fraud and disputes self-service portal can leverage a fraud management AI to manage the influx in claims from a self-service portal or to supplement a back-office investigation team while other areas of the business demand more time and resources. 

If fraud and dispute management is not your core business, why waste precious resources on it? We developed ARIA as part of our mission to offer cutting-edge dispute management software to issuers of all sizes. That is why we spent years developing an AI that can grow with your business and with the ever-evolving fraud landscape. We live and breathe fraud and disputes, but we created ARIA, so you don’t have to. 

Author

Jennifer Marshall Marketing Manager
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