Understanding the Importance of Fraud Detection for Banking and Real-Time Fraud Detection Using AI
Author : V Sumalatha
Abstract :
In recent years, banks and other financial institutions are increasing their digital transformation. As part of this shift, financial institutions are generating massive volumes of data on their financial and insurance processes and using cutting-edge digital tools (such as big data, AI, and the IoT) to sift through it all and extract the most value possible. Eighty-five percent of corporate decision makers believe Artificial Intelligence technology will provide value and benefits to company in the future, and this interest in AI technology in the banking sector continues to rise. But financial companies shouldn’t wait for the future to start harnessing the benefits of AI as it exists now. The most significant benefits of AI accrue gradually as computers amass more data and ‘learn’ to make better use of it. Therefore, the advantages of AI are much like a savings account or other safe investment: the benefits begin the instant AI is implemented and will continue to increase uninterrupted the more you contribute to it. The study provides an overview of the significance of fraud detection in banking and how AI may be used to identify fraud in real time.
Keywords :
Artificial Intelligence, Banking Industry, Banks, E-Banking, Real-time Fraud Detection, etc.
