The global fraud detection and prevention market was valued at USD 18.24 billion in 2020 and is expected to reach USD 40.8 billion by 2026 and grow at a CAGR of 18.17% over the forecasted period (2021-2026).
Fraud detection challenges for financial institutions:
- Extremely high false positives
- Missing insights from unstructured data
- Need for business user driven solutions
- Lack of insights from analytics
- Out-dated rule based detection
- Missing omni channel coverage
- Delayed alert mechanism
63% of financial institutions believe that AI can prevent fraud
Benefits of ML and AI for fraud detection:
- Faster and efficient detection
- Increased accuracy
- Better prediction
- Cost-effective
- Better classification
- Easily scalable
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