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Banks Harness AI as Weapon Against Rising Tide of Tech-Fueled Fraud

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   Banks Harness AI as Weapon Against Rising Tech-Fueled Fraud

   For banks, artificial intelligence is both foe and friend in the
   eternal battle against fraud.
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   Friend, because, as the adage goes, one can fight fire with fire. Banks
   can use AI, too, to detect and thwart fraud, often in real time.

   As joint research from PYMNTS Intelligence and Hawk AI revealed in the
   report “The State of Fraud and Financial Crime in the U.S.,” headed
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   AI enables scammers to essentially cobble together identities — as
   customers, vendors, friends and family members through voice, text and
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   On the other side of the equation, PYMNTS Intelligence and Hawk AI
   found that advanced machine learning and AI technologies can help build
   robust defenses against schemes. These high-tech tools can identify
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   million in assets reported plans to initiate or increase their use of
   ML and AI to improve existing fraud solutions. That’s a jump from the
   36% seen a year ago.

   For all PYMNTS AI coverage, subscribe to the daily AI Newsletter.

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