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What it takes to fight financial crime with AI

October 25, 2021

A PwC report found that almost half – 47% – of companies surveyed experienced fraud in the past two years. That comes with a huge price tag: a total of $42 billion.

And financial fraud seems to have only gotten worse in the last year and a half. The 2021 Association for Financial Professionals (AFP) Payments Fraud and Control Survey revealed that 65% of the financial professionals who experienced increased payments fraud attribute that activity uptick to the pandemic.

Companies are investing in technologies to combat financial fraud, but they aren’t always successful. AI and machine learning, in particular, offer many advantages when it comes to fighting fraud, but they won’t work if you don’t have the right groundwork in place first.

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