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The AI Edge in Fraud Prevention: How Banks & Financial Services Can Fight Fraud With AI-Driven Analytics

With fraud on the rise, AI could be the one thing that stands between BFSI businesses and potential security threats and attacks. AI-driven analytics and automation in key areas of IT security can help assess threats, track  and monitor behaviour, reduce risk, trigger swift countermeasures and even offer early warning and alerts to prevent fraud before it happens. 

When it comes to running banking and finance operations, fraud is a top concern and rightly so.

Fraudulent transactions across Europe are an estimated €1.8 billion per annum.

The number of bank frauds in India was up 166% in FY24.

In the United States 26% of adults surveyed said they had personally experienced bank/credit fraud.

The explosion of online banking, neobanks, fintechs and financial applications has also made it easier for scammers to strike, making it vital to spot anomalies in transactions and strange behaviour to catch fraud early. In this scenario, Artificial intelligence (AI), Generative AI & Machine Learning (ML) are new sentinels for safe and secure business operations and technology, helping banks, financial services, and insurance (BFSI) companies stay one step ahead of fraudsters.

According to one survey, 62% of UK and US based large/mid-sized businesses intend to deploy AI-based solutions to combat the issue, Read More about Cloud Security