The short answer to this is yes, as Artificial Intelligence has a big role to play in the fight against financial fraud.
AI can protect you from this threat by using data analysis to detect and report suspicious activity. It doesn’t rely on the rules-based method usually used to detect fraud, where activity is flagged up as suspicious when it breaks certain rules. Instead, it uses systems to learn from data – rather than encoded rulesets – and analyses all features of accounts and transactions to identify anomalous and possibly criminal behaviour. This can result in much more effective fraud prevention, which obviously helps you keep assets under management.
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