Fraud Detection & Prevention
Through data analysis, anomaly detection, and real-time transaction monitoring, artificial intelligence (AI) can help in fraud detection and prevention. The system can identify and highlight anomalous transactions for additional inquiry, such as high-value transfers, multiple transactions in a short period, or transactions from unknown places.
Additionally, you may create user profiles using machine learning models based on information about past transactions, device histories, and surfing patterns. Then, you can use this information to compare the behavior of your current customers with that of previous customers to spot fraudulent activity. For instance, if a consumer makes an unexpectedly large purchase from a strange place and it doesn't fit their data profile, the machine learning model may flag it as fraudulent.