What Role Does AI Play in Fraud Detection in Banking?
Bank fraud is no longer all about stolen credit cards and forged cheques. Today, fraudsters are smarter, quicker, and more advanced. With the advent of online banking, UPI payments, and digital wallets, financial fraud has become a multi-billion-dollar problem.
AI is transforming fraud detection by detecting suspicious transactions in real time, eliminating human errors, and stopping fraudulent activities before they lead to financial losses. Banks and financial institutions are using AI tools to track transactions, identify anomalies, and anticipate fraudulent activity, at speeds humans just can’t compete with.
Let’s look at how AI is transforming fraud detection and allowing banks …
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