How AI Is Protecting Against Payments Fraud

AI is proving to be very effective in battling fraud based on results achieved by financial institutions as reported by senior executives in a recent survey, AI Innovation Playbook published by PYMNTS in collaboration with Brighterion. The study is based on interviews with 200 financial executives from commercial banks, community banks, and credit unions across the United States. For additional details on the methodology, please see page 25 of the study. One of the more noteworthy findings is that financial institutions with over $100B in assets are the most likely to have adopted AI, as the study has found 72.7% of firms in this asset category are currently using AI for payment fraud detection. Taken together, the findings from the survey reflect how AI thwarts payments fraud and deserves to be a high priority in any digital business today.