Multinational technology corporation IBM calculated that 72% of business leaders cited fraud as a growing concern in the last year, that $44 billion will be lost worldwide due to fraud by 2024, and that a quarter of e-commerce sales transactions that were declined by artificial intelligence (AI) were false positives. AI has become the leading tool for fighting fraud, but it can still be improved upon. In the past, rule-based engines and simple predictive models were used to computationally identify the majority of fraud attempts. But these methods have not kept up with the increasingly sophisticated nature of fraud attacks today. With a proliferation of digital technologies at criminals' disposal, fraud has grown in both scale and severity over the last few decades. Large criminal organizations and even state-sponsored groups use AI-like machine learning (ML) algorithms to defraud digital businesses for millions of dollars each year.
Jan-21-2022, 12:05:17 GMT