Business
Snipp launches CORRAL, an Advanced Anti-Fraud AI Solution to Combat Rising Fraud in Promotions, Loyalty and Receipt-based Programs
VANCOUVER, BC / ACCESSWIRE / June 20, 2024 / Snipp Interactive Inc. ("Snipp" or the "Company") (...
About this update from Snipp Interactive Inc.
[{"type":"text","content":"Snipp launches CORRAL, an Advanced Anti-Fraud AI Solution to Combat Rising Fraud in Promotions, Loyalty and Receipt-based ProgramsVANCOUVER, BC / ACCESSWIRE / June 20, 2024 / Snipp Interactive Inc. (\"Snipp\" or the \"Company\") (TSX-V:SPN)(OTC PINK:SNIPF), a global leader in digital marketing promotions and loyalty solutions, today announced its latest advancements in combating the growing threat of fraud in promotions, loyalty and receipt-based programs. With the increasing prevalence of fraudulent activities targeting businesses' promotional campaigns, Snipp has developed state-of-the-art technologies to help companies safeguard their investments and maintain the integrity of their customer engagement programs. Given the years of data the company has collected based on its proprietary receipt processing platform, the company is well placed to leverage machine learning and AI technologies to combat fraud.A recent study indicates that 84% of consumers prefer brands with loyalty programs, highlighting the criticality of loyalty programs, which will typically utilize promotions to generate engagement with program members. The incentives offered within loyalty programs can attract fraud, including the use of fabricated receipts and the abuse of promotional codes, which can lead to substantial financial losses. For instance, a notable example from last year involved PayPal, which had to deactivate 4.5 million accounts due to compromised rewards schemes.Leveraging advanced algorithms, machine learning, and real-time monitoring, Snipp's cutting-edge solutions are designed to detect, prevent, and mitigate various forms of fraudulent activities for their customers running Snipp managed promotions, receipt based campaigns, or loyalty programs. The \"corrals\" are deployed at strategic places in the user participation lifecycle from registration, receipt submission, validation, and reward earning. Each corral can hold the transaction until near-term trends have been analyzed based on the data available at the current and previous stages of processing and decide to allow the processing to continue downstream or be blocked and reported. Here are some of the AI measures Snipp employs:Enhanced Receipt Verification: Utilizing receipt data such as date, time, and transaction details, Snipp's systems automatically flag discrepancies and suspici...