How Artificial Intelligence is Helping Financial Firms in the Fight Against Fraud

Onfido's 2022 Identify Fraud Report has identified a concerning 47 per cent increase in identity fraud since 2019, with financial services remaining one of the highest targeted sectors. Further research from McAfee reveals cybercrime costs the global economy $600billion annually, while consulting firm Accenture forecasts cyberattacks could cost companies $5.2trillion worldwide by 2024. Global payment card fraud losses, specifically, amounted to $28.58billion in 2020, says a Nilson report. Payments card fraud is such a concern that the UK recently implemented tighter anti-fraud checks on card payments with new Strong Customer Authentication (SCA) rules coming into force in March 2022, activated for almost all online purchases above £25 to provide a greater level of security against fraudsters. With cybercriminals getting ever more inventive with their malicious get-rich-quick schemes, fraud prevention and detection has never been more critical.