ABBYY: Fighting Financial Fraud With Artificial Intelligence

Of course, there is no shortage of data in financial services -- structured, unstructured, transactional, account-level – but while this data brings benefits, when in the hands of nefarious actors, also make fraud more pervasive. Neil Murphy is the Global VP at ABBYY, and believes AI is the way forward to tackle the ever rising cases of fraud. Along with other benefits, Murphy explains by using AI, financial organisations can reduce manual steps required in the onboarding stage, and process both structured and unstructured documents. In doing so, financial organisations gain a birds-eye view and can filter out suspicious and fraudulent actors. Technological advancements, an increase in investment into security systems and fraud prevention initiatives have been widely adopted by the finance industry in an effort to curb scams and crises from occurring.