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Artificial intelligence, when used with the right intentions by the right people, can be an amazing tool for good. In the financial industry, it can be a tool that fights fraud in an important way. Fraud detection and prevention is a massive concern for credit unions and they are a great example of where AI can uplift their security measures. In Fintech Nexus, Tony Zerucha talks about how AI can be the fraud-fighting tool that credit unions have been searching for. #AI #CreditUnions

Treasury Report Finds ‘Significant’ Gaps in AI Fraud Prevention: Larger financial institutions have an edge over smaller ones in AI-related fraud prevention. That’s according to a new report from the U.S. Treasury on dealing with artificial intelligence (AI)-centered risks in the financial sector. “As more firms deploy AI, a gap exists in the data available to financial institutions for training models,” the department said in a press release accompanying […] The post Treasury Report Finds ‘Significant’ Gaps in AI Fraud Prevention appeared first on PYMNTS.com. #opnplatform #b2bpayments #openpackagingnet

#Thoughtfultuesday Don't let fraud chip away at your success! Read our new blog post, "The Role of AI in Payments Fraud Identification and Prevention," which dives deep into how Artificial Intelligence can be your secret weapon in the fight against fraud. ️ In this post, you'll learn: 1. How AI analyzes massive data sets to identify suspicious patterns in real-time. 2. The impact of AI on payment frauds 3. Why AI is more effective than traditional methods at stopping fraudsters in their tracks. Read the full post and discover how AI can help you secure your payments and protect your business. ➡️ https://lnkd.in/dyRgt4fm #payments #reconciliation #paymentreconciliation #backofficeoperations #paymentops #paymentoperations #financialclose #financeops #fraudprevention #artificialintelligence #ecommerce #fintech #security #business #blog

Seeing more declined credit cards and fraud alerts lately? 🧐 Credit card security is implementing advanced AI tools designed to protect you. But these tighter measures are leading to a surge in alerts. 🔒 Find out why in this must-read report from CNBC: https://hubs.li/Q02Rnpj40 #CreditCardSecurity #FraudPrevention #Fintech #AI

'Significant' Gaps in AI Fraud Prevention - A new U.S. Treasury report on dealing with AI-centered risks in the financial sector. The report also found that larger financial institutions have an edge over smaller ones in AI-related fraud prevention. It specifically says “as more firms deploy AI, a gap exists in the data available to financial institutions for training models. This gap is significant in the area of fraud prevention, where there is insufficient data sharing among firms.” This only further highlights the cruciality of strong data orchestration strategies in fraud prevention to ensure all data is being used to stay ahead of fraudsters’ attacks. #ai #artificialintelligence #fraudprevention #machinelearning #fraudtech #fraudstrategy #bankingfraud

Businesses that fail to adapt to a new age of AI and defend themselves against the transformative role it's played in scalable fraud risk taking a massive hit to their profits. 📉 Solutions which employ static fraud rules are no longer equipped to do the job. We've seen decline rates as high as 20% with only 2% attributed to actual fraud. 💡 Learn how dynamic fraud rules level the playing field in this article from nSure.ai CTO and cofounder Ziv Isaiah published by the MRC | Merchant Risk Council. https://buff.ly/4aiYK2c #fraud #ai #payment #fintech #MRC #risk

Are you prepared for the rise of AI and deepfake scams targeting finance and payment teams? Stay informed about the latest threats to your business's financial security. Digital payment workflows play a crucial role in mitigating risks by ensuring full payment approval before any funds are transferred. Learn more about how fraudsters are leveraging AI for payment fraud: #AI #Deepfake #PaymentFraud #FinanceSecurity

AI fraud is a significantly increasing risk, with an estimated 4 in 10 frauds being AI related and a 20% increase year on year. Financial Institutions need to increase their layering of fraud detection tools to stand a chance of keeping on top of it. From an underwriting perspective this is a key rating factor. This article is a good overview of the problem. #financial institutions #claims #AI #fraud

🚨 Loan Fraud- AI's Latest Target🕵️♀️💼 Fraudulent activity in the financial world isn't just a numbers game—it's a sophisticated operation with wide-reaching impacts. Check out Ari Jacoby's article in Security Management. He dives into the cutting-edge strategies organizations are employing to detect and prevent loan fraud, even in the age of AI. https://lnkd.in/gJXhRiNV

Authorized fraud poses a major threat to financial institutions, making up 43% of all fraudulent transactions. Although the financial losses from authorized fraud may be less severe than those from unauthorized fraud, they can still harm customer trust and satisfaction. Advanced fraud prevention tools, such as artificial intelligence and machine learning, can help financial institutions address these challenges. By investing in these technologies, financial institutions can protect their financial health and maintain customer confidence. It is essential for financial institutions to adopt these measures to stay ahead of fraudsters and preserve their reputation. #ai #fraudprevention #ml #customertrust