Fraud isn't free.
Companies typically are forced to pass on the expense to customers in the prices of the things we buy.
Stopping digital fraud and spotting fraud trends faster than a human is one of the many reasons artificial intelligence (AI) and machine learning (ML) are proving invaluable.
According to an article in ZDNet, PetSmart is saving millions with these tools.
The company was able to cancel $4 million in fraudulent orders during 2017 alone, and has already saved seven figures this year.
Think about that the next time you're in one of their stores buying dog food or that hamster your kids have been bugging you about.
Surprising benefits of AI and machine learning
And then there is this: PetSmart's usage of AI and ML is also making the world a safer place.
"More crime was solved as an unexpected side effect from the fraud prevention at PetSmart. The fraudulent orders led to the identification of a multi-state fraud ring, an FBI investigation into human trafficking, and even impacted the case of a murdered NYPD officer."
Now, that is some powerful data and intelligence. You can read the full article in ZDNet.
