Artificial intelligence can play critical role in fraud detection in banking

New Delhi: Artificial intelligence (AI) can play a critical role in fraud detection in the finance and banking industry, especially as digital banking is seeing major adoption in India due to the covid-19 pandemic.

With more users now banking online, the risk of being duped by fraudsters is higher than before. A May survey by ACI Worldwide and YouGov found that 32% Indians were using digital payments more, while 31% were recently targeted by a card or digital payments fraud or know someone who was.

According to a 2019 RBI report, losses due to banking frauds have grown by 73.8%.