AI systems are unique, can process large volumes of data in real time and can “learn” to quickly identify suspicious financial activity. Yet, few FIs leverage this technology in their anti-fraud efforts — only 5.5 percent of them have adopted true AI systems. Instead, FIs’ anti-fraud departments tend to use less-sophisticated learning systems, like data mining and business rule-management systems (BRMS). What’s more, only 12.5 percent of fraud specialists use AI, while 92.5 percent use data mining and 65 percent user BRMS.
So, what is keeping so many fraud departments from investing in the technology they need to help fight cyber fraud?