Over 40% of financial institutions have reported higher than average volumes of fraud and financial crime. In 2022 alone, consumers reported losses of nearly $9b to fraud, with bank fraud cases rising by 25% compared to the previous year.
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Half of financial institutions rely entirely on external data encryption tools to detect fraud
"70% of FIs utilize both AI and ML in their efforts to counter fraud, with nearly 60% using mostly in-house solutions. Additionally, just 14% of FIs use only AI/ML tools they’ve developed in-house, while nearly 30% rely exclusively on third-party solutions to provide these."
