PYMNTS.com

Countering digital fraud is a lot like playing whack-a-mole: As soon as one fraudster is taken out, two more pop up where they're least expected. Fighting bad actors is particularly challenging for those in the banking industry, which lost more than $31 billion to fraud in 2018 and is projected to lose even more as cybercriminals become more sophisticated. The popularity of digital banking services has created ample opportunities for bad actors, leaving banks scrambling to protect themselves against the rising tide of fraud. Faster payments have also contributed, as banks now have less time to identify fraudulent transactions. It's nearly impossible for human analysts to examine every sign of malfeasance with banks processing millions of transactions each day, but that is exactly where learning technologies like artificial intelligence (AI) and machine learning (ML) can help.