In today’s fight against financial fraud, artificial intelligence (AI) and machine learning are essential tools for banks and financial institutions. Yet, as fraudsters also leverage AI to commit crimes, the challenge is becoming more complex. Fraudsters are increasingly using AI to mimic customers, spread malware, and create realistic fake identities. Recent reports show that these tactics cost Americans $12.5 billion last year alone. As banks increasingly adopt AI to bolster their defenses, they also uncover opportunities for new revenue streams and improved customer experiences. The ongoing battle against fraud underscores the need for continuous innovation and collaboration.
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