Payments industry to use AI to detect fraud, improve efficiency

July 2, 2024


While generative AI has made headlines in recent years for its conversational and writing skills, payments companies will largely use the technology to do what they already do, but better, the Jefferies report released on June 27 said.

For example, banks have programs that monitor activity on credit and debit cards as well as checking accounts for unusual purchases and transfers.

“For many years this has been all about prediction,” said Agustín Rubini, a director analyst on the financial services team for the CIO group at the Stamford, Connecticut consulting firm Gartner. “You’re trying to find out an answer to a problem, or find a pattern within data.”

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