Fraud Prevention At Banks With AI And ML

Cybersecurity is of the utmost concern for financial institutions (FIs) of all types, ranging from community credit unions to multibillion-dollar international banking conglomerates to everyday consumers. More than 2 million fraud reports were issued to the Federal Trade Commission in 2020, reaching a total loss of more than $3 billion. One survey found that 47 percent of businesses around the world have reported being victimized by digital crime within the past two years, with losses totaling $42 billion. Fraudsters are also growing more advanced in their tactics, leveraging sophisticated technologies like artificial intelligence (AI) and machine learning (ML) to deploy millions of attacks simultaneously. The overwhelming volume of attacks has put organizations on the back foot, scrambling to find countermeasures to the account takeovers (ATOs), phishing attacks and other schemes they face by the thousands every day.