VANCOUVER, 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:
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Enhanced Receipt Verification: Utilizing receipt data such as date, time, and transaction details, Snipp's systems automatically flag discrepancies and suspicious entries for review.
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Innovative File Structure Analysis: By analyzing the EXIF data within digital images of receipts, the Snipp technology flags questionable submissions, and routes them for manual inspection.
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Photo Markers Detection: Snipp's systems use digital 'fingerprints' within photo submissions compared against other images in the database, preventing duplicate fraud attempts.
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Statistical Analysis Tools: Our algorithms monitor outlier participation rates in promotional activities, flagging abnormal behavior for further verification to prevent exploitation.
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Holistic Fraud Management Approach: Leveraging machine learning, Snipp's systems employ multiple layers of fraud detection and prevention, including image fraud checks, advanced bot detection, analysis of submission and reward delivery patterns to ensure comprehensive protection across platforms and microservices.
"As fraudsters become increasingly more sophisticated, our solutions must evolve accordingly. At Snipp, we are proud to introduce our latest anti-fraud technologies, which are designed to not only detect but also predict and prevent fraud before it impacts our clients," says CEO, Atul Sabharwal. "These advancements underscore our commitment to protecting the integrity of promotions, loyalty, and receipt-based initiatives worldwide. Our goal is to empower businesses to confidently offer their valuable promotions, ensuring the protection of both their financial health and customer relationships. Together, we are establishing a new benchmark in fraud prevention."
By implementing these advanced capabilities, businesses can significantly reduce their exposure to promotion and receipt fraud, ensuring the integrity of their customer engagement programs and protecting their bottom line. Moreover, Snipp's systems are equipped to identify subtle fraud indicators, such as unusual patterns of behavior and spikes in activity from specific sources, which may not be apparent without sophisticated analytical tools. Our detailed monitoring allows businesses to stay ahead of fraudsters, safeguarding both their resources and their customer relationships.
For more information about Snipp's fraud detection and prevention solutions, please visit www.snipp.com
About Snipp:
Snipp Interactive Inc. (TSX-V:SPN)(OTC PINK:SNIPF) is a leading Platform-as-a-Service (PaaS) company in the global loyalty and promotions sector. Snipp's proprietary and modular SnippCARE (Customer Acquisition, Retention & Engagement) Platform allows its marquee list of Fortune 500 clients and world-class agencies and partners to use various modules of the Platform to run long-term and short-term programs and promotions, while continually generating and capturing unique zero party data that is invaluable in providing insights to drive sales. SnippCHECK, the Platform's Receipt Processing Module has established itself as an industry leader and standard by powering a large majority of all receipt-based promotions in North America. SnippLOYALTY, the Platform's full scale modular loyalty engine allows clients the flexibility of deploying any/all aspects of a standard loyalty program on a case-by-case basis. SnippREWARDS, the Platform's modular catalogue of digital and physical rewards provides clients with global and easily deployable access to an extensive catalogue of digital and physical rewards. SnippWIN, the Platform's gaming module solves for the implementation and compliance difficulties of offering games of chance and skill on a global basis and allows for the global deployment and administration of legally compliant games of chance and skill. For more information, visit Snipp's website at www.snipp.com and its profile on SEDAR+ at www.sedarplus.ca.
Snipp is headquartered in Vancouver, Canada with a presence across the United States, Canada, Ireland, Europe, and India. Snipp is publicly listed on the TSX Venture Exchange in Canada and is also quoted on the OTC Pink marketplace under the symbol SNIPF.
FOR FURTHER INFORMATION PLEASE CONTACT:
Snipp Interactive Inc.
Jaisun Garcha
Chief Financial Officer
investors@snipp.com
1-888-99-SNIPP
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This press release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as changes in demand for and prices for the products of the company or the materials required to produce those products, labour relations problems, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. The reader is cautioned not to put undue reliance on such forward-looking statements.
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SOURCE: Snipp Interactive Inc.
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