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Artificial Intelligence And The Future Of Financial Fraud Detection



Fraud has long been a major issue for financial services institutions. And as global transactions have increased, the danger has too. Fortunately, artificial intelligence has enormous potential to reduce financial fraud. As automated fraud detection tools get smarter and machine learning becomes more powerful, the outlook should improve exponentially.

In its latest report, security company McAfee estimates that cybercrime currently costs the global economy some $600 billion, or 0.8% of global gross domestic product. One of the most prevalent forms and preventable types of cybercrime is credit card fraud, which is exacerbated by the growth in online transacting. The speed at which financial losses can occur when credit card fraud takes place makes intelligent fraud detection techniques increasingly important.
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Charlotte Marek

Charlotte takes great interest in new technologies and the startup world and believes that with the right innovations we can change the world we live in for the best. She is also greatly interested in the publishing sector. She speaks French, English, Spanish, studies Italian and has had the opportunity to work in various countries over the last few years.

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