In the ever-evolving BFSI (Banking, financial services, and insurance) landscape, while the industry has to deal with increasingly sophisticated tactics initiated by bad actors using AI, the same technology emerges as a formidable shield against the surge in sophisticated fraud tactics. Discover how leveraging AI not only enhances fraud detection but also reshapes the fraud prevention framework within the industry.
Why focus on fraud prevention?
Focusing on fraud prevention is essential for the BFSI sector because fraud significantly impacts both financial institutions and their customers, introducing substantial risks and losses. The diverse and sophisticated nature of modern fraud schemes, driven by advanced technologies, makes traditional security measures insufficient. By adopting artificial intelligence (AI) for fraud prevention, financial institutions are not only responding to these threats but are also making significant advancements in detecting and preventing fraudulent activities.
