AI algorithms are used to map credit card applications and detect illicit purchases or shadowy transfers of money. With the help of their bank details, the algorithm can track fraudsters and record the money trail that exposes the criminals.
FREMONT, CA: The current COVID-19 pandemic has caused a great deal of discomfort in the banking world. As an industry heavily dependent on manual labour, it took a considerable amount of time to acclimate to the digital world.Safety was one of the many factors they had to consider as they first walked into a completely digital business model. Fighting fraud and financial crime was crucial.
The banking industry, which is considered to be the backbone of the economy, needs to keep going regardless of the crisis. Other growing sectors depend on them to reach out and pull them out of such uncertain crises.The implementation of the digital format will result in the storage of a large amount of financial data and track records in digital format for various entities and customers. This consolidated, wide range of data will continue to be at the risk of fraudsters and cyber criminals.
Role of Technology in Combating Fraud and Crimes
Technology, especially in the form of artificial intelligence, blockchain and machine learning, is a bonus in the fight against fraud and cybercrime. The learning methodology or algorithms are most useful for predicting these attacks by looking for patterns that raise suspicion.In addition, these algorithms help to prevent illicit transfers and alert the system to a wide range of cyber attacks. These algorithms can analyse a variety of patterns and predict all combinations of attacks, thus helping financial organisations to develop a risk mitigation and management strategy.
AI algorithms are used to map credit card applications and detect illicit purchases or shadowy transfers of money. With the help of their bank details, the algorithm can track fraudsters and record the money trail that exposes the criminals.Artificial Intelligence is used to monitor the credit and debit activities of the accounts and alert the unnatural balance of accounts or expenditure records. Both the Intrusion Detection System and the Intrusion Prevention Systems are now automated using AI, which has led to a significant decrease in human error vulnerabilities.