Using AI to Automate, Orchestrate, and Accelerate Fraud Prevention

As fraud, waste, and abuse (FWA) cost government agencies and private companies billions each year, artificial intelligence (AI) has transformed how organizations prevent, monitor, and respond to FWA activity, powering advanced analytics, repeatable processes, and workflow automation and orchestration tools. Indeed, AI offers a wealth of tactics for combatting fraud, such as advanced authorization for credit card transactions, deep learning to combat false positives, and behavioral analytics. However, here we explore another facet of AI's fraud-fighting potential: helping all of the pieces work in concert towards a "fused" FWA solution. Fraud targeting and tactics have grown more sophisticated--and expansive--in recent years. The rapid proliferation of apps, payment platforms, and digital assets entering the financial services ecosystem has often outpaced regulatory oversight, and many of these channels have become a magnet for illicit activity.