Artificial intelligence can also be used to detect fraud in sectors such as the insurance sector, financial industry, credit card fraud, identity theft, and money laundering.
However, the application of AI in fraud detection is not without challenges. AI systems must be developed using vast amounts of data, and they can be costly to deploy and maintain. Platforms that use multiple sources of historical and real-time data inputs to predict and detect fraud while reducing false positives is probably the solution to overcome these challenges.
Despite these obstacles, AI’s potential for fraud detection is undeniable.
The use of artificial intelligence (AI) in fraud detection is becoming increasingly popular, and it is likely to become even more widespread in the future. Businesses who want to protect themselves against fraud should look at AI-based fraud detection systems.
The bottom line is AI can help organisations detect fraud more quickly and correctly, as well as protect themselves from losses caused by fraud.