Original article was published on Artificial Intelligence on Medium

Fraud detection software: anti-criminal digital lock

AI-technologies in the financial industry started their journey in the early 1980s. And Machine Learning, a subset of AI, together with predictive analytics have become powerful allies of retail banking and Fintech. They manage a great number of routine transactions like bill paying or account checking.

Undoubtedly, data is a set of information. And it is very short-sighted to deny the value of this resource. That is why the theft of commercial information, personal data or Internet accounts is the same as stealing a wallet or robbing a bank.

Internet and mobile devices give fraudsters the perfect opportunity to commit crimes distantly and abruptly. That is why fraud detection services are always in demand.

To prevent fraudulent activity, Artificial Intelligence (AI) and Machine Learning (ML) in the finance industry come to the battlefield armed with fraud detection algorithms and fraud detection data science. And it is not a surprise that due to their powerful analytic capability AI and ML were summoned to confront and counteract fraudsters.