Artificial intelligence, among the most prevalent technologies in the world at the moment, has made significant contributions to the world around us ever since it first emerged on the scene.
Copyright by www.datasciencecentral.com
Think about it — the chatbots that engage with us when we visit a website, the smart speakers in our homes. They are all artificial intelligence-driven tools that are aimed at aiding and enhancing how we go about our lives. However, what one must note is that AI does not seek to offer unparalleled convenience to the people who use it. It also seeks to ensure security and safety, such as while dealing with finances. It is not news that the world is brimming with financial crime and authorities worldwide have continued to fight against them as well as they possibly can. Unfortunately, the need for more robust solutions has been felt for quite some time now.
That is precisely where AI comes in. But exactly how does it stand to help prevent financial crimes? Well, in more ways than we could imagine. Take banks, for example; here, AI has helped these financial institutions pour through staggering amounts of data, including transactions, the customers performing them, etc. The point of this exercise is to safeguard both the banks as well as customers against fraudulent transactions. Artificial intelligence’s ability to analyze massive amounts of data at lightning-quick speed means it can generate reports, model customer behavior, identify anomalies, detect issues in the system, etc.
Now, let’s look at some other ways artificial intelligence helps with financial crime investigations.
- Identify and report irregularities: As noted above, AI can collect and scrutinize data from various sources and understand what standard behaviour and operation are supposed to look like. It is then able to apply advanced algorithms to determine any deviations or irregularities in their systems. In case something like this is detected, it is then immediately flagged and alerts are sent off to the appropriate personnel, thus ensuring appropriate action can be taken as soon as possible. […]
Read more: www.datasciencecentral.com
Artificial intelligence, among the most prevalent technologies in the world at the moment, has made significant contributions to the world around us ever since it first emerged on the scene.
Copyright by www.datasciencecentral.com
That is precisely where AI comes in. But exactly how does it stand to help prevent financial crimes? Well, in more ways than we could imagine. Take banks, for example; here, AI has helped these financial institutions pour through staggering amounts of data, including transactions, the customers performing them, etc. The point of this exercise is to safeguard both the banks as well as customers against fraudulent transactions. Artificial intelligence’s ability to analyze massive amounts of data at lightning-quick speed means it can generate reports, model customer behavior, identify anomalies, detect issues in the system, etc.
Now, let’s look at some other ways artificial intelligence helps with financial crime investigations.
Read more: www.datasciencecentral.com
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