Artificial Intelligence is Transforming Fraud Management

It will come as no surprise that, in its report “Fraud the Facts 2019”, the trade association UK Finance reported a 16% increase in unauthorised financial fraud losses across payment cards, remote banking, and cheques from 2017 to 20181. The problem is by no means limited to the UK; fraud is on the rise globally and, to make matters worse, fraudulent activities have not only increased in recent years – they have also gotten smarter.

Fortunately, security and risk professionals at banks and insurance companies are also finding smarter ways to manage fraud, in particular by leveraging Artificial Intelligence (AI). After a long period of maturation plagued by high rates of false positives and inexplicable decisions, AI and machine learning tools have become part and parcel of leading fraud management solutions.

For this reason, we are pleased to provide readers of this blog with a complimentary copy of the report “Artificial intelligence is transforming fraud management”, published by analyst firm Forrester in December 2019. This report identifies key fraud management use cases in which AI can help and maps how security and risk professionals can use major AI technologies in each situation.

Get your copy now! This offer is only available for a limited time.

 

Original post: https://blog.gft.com/blog/2020/02/11/artificial-intelligence-is-transforming-fraud-management/

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