New research shows that 43 percent of financial services organizations expect the cost-of-living crisis to increase the risk of financial crime and fraud over the next 12 months, as scammers target vulnerable consumers struggling with rising bills.
In this Finance Digest article, Carol Hamilton, Chief Growth Officer for Provenir, shares why traditional policy-based approaches to identifying fraud often fail. A more enlightened approach involves leveraging optimized contextual scorecards, machine learning algorithms and outlier detection — all types of AI-infused strategies to improve fraud detection and accuracy.