Fraud Detection & Prevention
Through data analysis, anomaly detection, and real-time transaction monitoring, artificial
intelligence (AI) can help in fraud detection and prevention. The system can identify and
highlight anomalous transactions for additional inquiry, such as high-value transfers,
multiple transactions in a short period, or transactions from unknown places.
Additionally, you may create user profiles using machine learning models based on information
about past transactions, device histories, and surfing patterns. Then, you can use this
information to compare the behavior of your current customers with that of previous
customers to spot fraudulent activity. For instance, if a consumer makes an unexpectedly
large purchase from a strange place and it doesn't fit their data profile, the machine
learning model may flag it as fraudulent.