How banking fraud is changing with data and AI

Hackers are now often well-funded groups making very sophisticated automated attacks via globally distributed computer networks. The use of e-banking and mobile payments has only emboldened them, and made protecting against fraud in the banking, financial services and insurance sector even more difficult and complex.

To compete in the ‘right now’ economy and both prevent and detect fraud in real time, financial service institutions need to take a new approach, combining powerful data with artificial intelligence.

This whitepaper looks at how AI and machine learning are transforming fraud prevention and detection, including:

• Why big data and the ‘right now’ economy are making fraud detection more complex
• The consequences of continuing to rely on legacy systems for fraud detection
• The attributes of an optimal fraud protection data layer