The case for purpose-built generative AI in fraud prevention
Financial crime has never stood still. In my nearly three decades in financial services, I have watched fraud move in lockstep with the technology built to stop it, and at times, even stay a step ahead of it, given the speed fraudsters adopt new technology.
I have witnessed decades of AI innovation that raised the bar on fraud detection, yet criminals continue to test those boundaries. Fraud remains a top consumer concern, with over 87.5 million American adults experiencing a scam or financial fraud each year. That’s roughly one in every three American adults.
The question for financial institutions isn't whether AI has a place in fraud prevention, but whether the AI they've deployed is built for the threat landscape they're facing today – and the one that's coming.
Chief Analytics Officer at FICO.
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