Just as banks are mulling over the use of technology to fight the criminals, the criminals themselves are proving adept at using cutting-edge technology to swarm the financial firms. Fraudsters will always look to find the weakest link in the chain.
In this article, published by PYMNTS, Dave Excell, founder of Featurespace, discusses how smaller FIs are now at more risk of being the target of financial crime compared to their larger counterparts, but that they are also cognizant of the threats.
According to “The State Of Fraud and Financial Crime In The U.S.” report, a collaboration with Featurespace, 95% of 200 executives at FIs with assets of at least $5 billion stated that innovations related to anti-money laundering (AML) and preventing financial crimes was top of mind. And yet, 85% of the same executives surveyed stated that the very idea of integrating new technologies to beef up their anti-fraud efforts is making them pause. Although banks want to innovate and harness the power of technology — they need a bit of help in getting there.
Learn more about the power of machine learning, artificial intelligence (AI), and how robust analysis of how consumers interact with their FI, can help FIs to identify fraud in real time, while providing a better customer experience throughout the payments journey.
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