With the help of artificial intelligence (AI), banks can offer better customer service while significantly enhancing the efficacy of their security. AI can assist in fraud detection efforts at large and small banks.
Combining security strategies could reduce the risk of fraud, which has only risen since the start of the COVID-19 pandemic. A new report suggests steps insurance carriers can take to ensure their security plan works to combat identity fraud.
Sixty-one percent of merchants believe they’re at greater risk of a data breach than a year ago, while 22 percent of merchants have experienced data theft in the last year alone.
America’s banks prevented $9 out of every $10 of attempted deposit account fraud in 2016, according to the 2017 American Bankers Association Deposit Account Fraud Survey Report.