How Artificial Intelligence is impacting Fraud Prevention in Banking Sector

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How #AI has a significant impact on fraud prevention in banking.

AI can help banks detect anomalies, build purchase profiles, develop fraud scores and analyze transaction patterns using machine learning technology.

Some examples of fraudulent activities in banking include: 👉 Skimming: duplicating the information on the magnetic strip of a credit card. 👉 Card not received: intercepting a new or replacement card before it reaches the legitimate owner. 👉 In-person: stealing a card and PIN from someone’s wallet or purse1. 👉 Phone bank fraud: impersonating a bank employee or customer to gain access to an account over the phone. 👉 CEO fraud: sending fake emails from a senior executive to trick employees into transferring money or revealing sensitive information. 👉 Invoice fraud: altering an invoice to redirect payments to a different account. 👉 Online banking fraud: hacking into an online banking account or using malware to steal login credentials. 👉 and many more.

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