How AI and Machine Learning Are Improving Fraud Detection in Fintech
How AI and Machine Learning Are Improving Fraud Detection in Fintech Identity theft is common, but with the rise of AI and machine learning, its effect on the fintech industry has been reduced drastically. Introduction: Internet fraud is a menace in our various financial institutes, and many fintech companies have been victims of this fraud game. Detection of these attacks comes in two ways: through inconsistent traditional methods or using ever-growing artificial intelligence mechanisms. Traditional methods, such as the rule-based method, are still widely used by most fintech companies in contrast to AI. At the same time, some are adjusting to leverage machine learning and artificial intelligence, improving ways to detect fraud. Hence, bringing us to the question below. How have AI and machine learning improved fraud detection in the fintech industry? What specific applications does this technology touch, and what mechanisms complement it? We have comp...