The Role of AI In Fraud Detection

By Banking CIO Outlook | Wednesday, May 22, 2019

Global financial surveys, researches, and reviews underline the technical vulnerabilities costing cybersecurity adversities in the financial sector. Financial cybersecurity attacks such as WannaCry, Petya scams, and other ransomware impose a critical sense of liability on the world's finance and banking domains. Artificial Intelligence (AI) comes to the rescue! AI-based fraud detection solution is an innovation, redesigning the future of cybersecurity in finance. Machine-level smart security strategies are proved to be tangible and compatible with the modern security standard that is set by the finance department. AI in the finance space provides practical ideas to mitigate the adversities of banking malware and finance data attacks. Read on!

• Overcoming the illegal money movements

As a fruitful attempt to achieve anti-money laundering solution, AI-powered financial software system helps the investors, bankers, financiers, and others in scrutinizing and identifying the source of the money and its illegal transfers. Using various validation and verification algorithms, AI provides in-depth insights about security-proofing the transaction with smart fund authenticity revealers.  

• Detection, prediction, and mitigation of unforeseen cyber threats

Cognitive computing, machine learning, and intelligent predictive analytics combine with AI technology to define a robust tech-driven security immune system, for the finance industry. Virtualization and automatic control software such as IIoT, enables the financial institutions to instantly respond to the threats and implement various cybersecurity use cases.

• Integrated data security

By employing advanced conceptualizations of Machine Learning (ML) technology, AI aggregates cybersecurity and cyber-compliance to add automation capabilities. With increased visibility and real-time reporting, pattern recognition based on machine learning, financial security automation feature ensures implicit security checks.

With its massive impact on the finance sector, AI-based fraud detection solution has been driving the business leaders towards adopting more sophisticated cybersecurity services. Such value-added innovations are influencing the banking, finance and accounting verticals at an alarming rate.

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