When you hear about cyberattacks, do you automatically link it to organized crime? Surprisingly, it is very active throughout both the private and public sectors, from banks to federal governments to small businesses. The Crime Report brought this information to us in their article, “A Cyber Weapon to Fight Cyber Fraud: Artificial Intelligence.”
According to a recent report, cybercrime impacts the global economy with a $600 billion price tag. Fraud is becoming a more serious threat to banks and their consumers, costing billions of dollars each year. Fraud detection is an excellent opportunity for machine learning application.
Artificial intelligence (AI) can be used to analyze huge numbers of transactions in order to uncover fraud trends, which can subsequently be used to detect fraud in real-time. When fraud is suspected, AI models may be used to reject transactions altogether or flag them for further investigation.
If done correctly, machine learning can tell the difference between legal and fraudulent conduct while also responding to new, previously unknown fraud methods over time.
Melody K. Smith
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