Navigating the financial fraud with AI and ML: Challenges and imperatives

Financial institutions grapple with a staggering loss exceeding $100 billion from the plague of fraudulent activities. Even more troubling is the discovery that these losses frequently occur right under the watchful eye of security systems, as advanced fraudulent schemes go unnoticed for extended durations. The culprits behind these financial misdeeds are evolving into tech-savvy adversaries, harnessing advanced technologies to exploit vulnerabilities. Recent high-profile data breaches happening at mature organizations sent shockwaves, leaving customers severely worried about the safety of their assets.