Later . Criminals have taken advantage of any weaknesses in these systems and exploited them for their own gain .
Particular areas of concern include synthetic sign up where a criminal combines stolen data with false information to create a new identity and account takeover where a malicious third-party gains access to a user ’ s account details .
However , the challenge is to ensure the utmost levels of security without making the on-boarding process for new customers cumbersome . A trusted customer experience will boost brand reputation and help to build a loyal customer base .
HOW IS ARTIFICIAL INTELLIGENCE HELPING TO COMBAT FINANCIAL FRAUD ?
This is where it gets interesting . The combination of AI , automation and the human brain is the strongest form of defence against cybercrime . Sophisticated AI is able to predict , detect and defer financial crime by using multiple algorithms to detect weak patterns with minimal latency .
Continual assessment of transactions alerts teams to potentially fraudulent activity taking place . These anomalies could be behavioural , device characteristics , geo-locations , unusual switching between accounts and much more . Fraud and cyber analyst teams are inundated with alerts , many of which can be false . By narrowing the focus of investigations , the analysts only have to investigate genuine priority alerts .
cybermagazine . com 21