2 min read

Usecase II - Fraud Detection and Compliance

AI is a groundbreaking technology in the battle against financial fraud. ML algorithms are able to analyze millions of data points in a matter of seconds to identify anomalous transactional patterns.
Usecase II - Fraud Detection and Compliance

This is the real-world AI use case so we could detail how artificial intelligence has been a game-changer for FinTech. Few verticals are such a perfect match for the improved capabilities brought by the AI revolution like the financial sector.

Traditional financial services have always struggled with massive volumes of records that need to be handled with maximum accuracy.

According to the Alan Turing Institute, with $70 billion USD spent by banks on compliance each year just in the U.S., the amount of money spent on fraud is staggering. And when the number of reported cases of payments-related fraud has increased by 66% between 2015 and 2016 in the United Kingdom, it’s clear how this problem is much more than a momentary phenomenon.

With the help of AI and machine learning algorithms, those suspicious activities are isolated, it’s easy to determine whether they were just mistakes that somehow made it through the approval workflow or traces of fraudulent activity.

Source: https://www.techopedia.com/top-12-ai-use-cases-artificial-intelligence-in-fintech/2/34048

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