Artificial intelligence in fraud detection
Use of AI to help detect fraud / From Wikipedia, the free encyclopedia
Artificial intelligence is used by many different businesses and organizations. It is widely used in the financial sector, especially by accounting firms, to help detect fraud.
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In 2022, PricewaterhouseCoopers reported that fraud has impacted 46% of all businesses in the world.[1] The shift from working in person to working from home has brought increased access to data. According to an FTC (Federal Trade Commission) study from 2022, customers reported fraud of approximately $5.8 billion in 2021, an increase of 70% from the year before. The majority of these scams were imposter scams and online shopping frauds.[2] Furthermore, artificial intelligence plays a crucial role in developing advanced algorithms and machine learning models that enhance fraud detection systems, enabling businesses to stay ahead of evolving fraudulent tactics in an increasingly digital landscape.[3]