Fraud Detection with The Help of AI and Machine Learning
The banking industry is now using Artificial Intelligence (AI) and Machine Learning (ML) to reduce the billions of dollars lost to fraud each year. Banks recently reported $2.2-Billion in losses due to fraud in a single year. Advances in AI technology are helping to reverse these losses, using methods that ferret out cases of suspicious monetary behavior and allowing the fraud to be detected early before the damage is done.
To tackle such activities, AI and Machine Learning programs interpret patterns in the data and apply data science to continually improve the ability to distinguish normal behavior from abnormal behavior. This requires thousands of computations to be accurately performed in milliseconds.
Machine Learning capabilities are used to implement automated systems that can learn patterns in data sets without the intervention of human beings. The use of AI and Machine Learning technologies is allowing banks to quickly respond to ever-evolving fraud threats and reduce losses.
At accentedge, our fraud analytics software utilizes models and analytic processes to optimize fraud management and decision-making by utilizing the power of data. We work with our clients to exceed business objectives by implementing cutting-edge decision making and analytics technology. By following best practices of market intelligence, we help businesses to reduce risk, meet regulatory obligations, and save money.