Tracking payments is infinitely easier with artificial intelligence tools
Undoubtedly, one of the most frustrating things when reviewing a statement or the details of a recent purchase is to see that you have been charged twice. According to different studies, duplicate payments can represent up to 0.5% of total bill payments. Many iGaming operators rely on traditional systems to prevent this from happening, but it seems that none of them have artificial intelligence (AI) capabilities. Players no longer have to worry about seeing two charges at the same time, as different online casinos are turning to this technology to make their payment platforms more efficient.
As is well known, humans are prone to make mistakes, and processes are circumvented. This is especially true when it comes to a manual process. Errors occur, processes are circumvented and this can result in duplicate payments. Thanks to AI, this is hardly a reality anymore, as there are several ways in which AI-based software can avoid this tedious error.
Online casinos, by implementing AI technologies, can more easily detect duplicate vendors based on names, addresses, tax IDs, bank accounts and other attributes. Many duplicate payments are due to the presence of duplicate vendors in the vendor master.
It is also much easier to identify outlier invoices and payments by vendor based on currency, amount and frequency. This could include invoices that are above average for a supplier, an increase in invoice volume and invoices for rounded amounts, which are typical among fraudsters.
Many industry experts indicate that AI is an essential tool for branding processes, policies and controls to ensure better results. Instead of manually auditing a small sample of past expenses, iGaming operators can use AI to automatically analyze 100% of their current expenses and see what actions to take.