Fight credit fraud: 4 reasons to switch to AI

January 26, 2022
by Vinicius Malta

To fight residual credit fraud with maximum ROI and minimum effort, many companies supplement their existing systems with solutions based on artificial intelligence (AI) and Machine Learning (ML). According to a report published by the Association of Certified Fraud Examiners (ACFE) in 2019, two-thirds of credit institutions are expected to adopt these innovations in the months and years. Here are four reasons why you should do the same.

Reason n° 1 - Stay ahead of tech-savvy fraudsters 

Every company adopts significant technological developments at its own pace, according to its particular constraints, culture, and priorities. Fraud innovation, however, has only one speed: ultra-fast. Bolstered by cutting-edge technologies, fraudster tactics are increasingly complex while remaining subtle and nimble, making them much more difficult to detect and defend against. Credit institutions must invest in systems against these opponents and leverage AI and ML if they do not want to find themselves out of the game. Credit institutions must invest in specially designed systems that leverage AI and ML to fight fraud to protect themselves. 

Reason n° 2 - The benefits of the effect deterrent 

Scammers are ROI experts. They tend to attack the most vulnerable systems requiring the least effort. However, in the world of organized crime, news travels fast. Identified flaws are exploited quickly and efficiently, with devastating impact. The weakest link is exploited and suffers the financial and reputational costs. If your competitors switch to AI and fill in the gaps in their systems, you become the target of choice. Conversely, by adopting an effective anti-fraud AI, you quickly develop a reputation as a challenging target, which fraudsters naturally shy away from.

Reason n° 3 - Anticipate increasingly demanding regulations

Just as the Financial Action Task Force (FATF) recently decided to scrutinize French banks' means and KYC processes in the fight against fraud, the EU will inevitably legislate on the same standards and procedures in place to fight fraud and terrorism. The requirements for means and results will most surely involve AI services. Companies that take the lead in adopting these tools and familiarizing themselves with the associated culture and processes will be in the best position to smoothly integrate and comply with these new regulations. Better still, this will have a significant impact on their reputations. 

Reason n° 4 - Open up new opportunities for the whole company

Lastly, the ROI obtained through AI in the fight against fraud can encourage other services to adopt the AI and digital transformation on subjects more closely linked to the core business (scoring, product placement, sales funnels, churn reduction). The whole company can benefit from the foundations laid by adopting AI in the fight against fraud by leveraging the data and processes that result from this pioneering project. There will be no need to start from scratch each time. The path will already be cleared. Optimization of processes, performance gain, better results, competitive advantage…

These are some ways your company can benefit from adopting tools based on expert AI, such as Bleckwen Credit Fraud Services, from fighting fraud. Others did not wait. Now is the time to take the plunge. 

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