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.
Click here to read the full article
Latest posts by Charlotte Marek (see all)
- LYFT WILL PAY YOU TO DITCH YOUR CAR. WILL IT WORK? - 28 September 2018
- INSIDE THE SECRET CONFERENCE PLOTTING TO LAUNCH FLYING CARS - 28 September 2018
- HOW ARTIFICIAL INTELLIGENCE COULD PREVENT NATURAL DISASTERS - 28 September 2018