What is fraud detection?
Fraud detection is applicable to the banking and financial sectors, insurance, medical, government agencies and law enforcement, to name a few. Sophisticated data mining tools are used to analyze millions of transactions to detect patterns that are consistent with fraudulent behavior. Fraud detection analytics solutions today are closely integrated with business systems, going beyond detection to prevention in real time. These solutions involve some of the latest technologies, such as big data, advanced analytics and artificial intelligence (AI).
What are the business benefits of fraud detection?
AI fraud detection solutions enable businesses to detect and stop fraud in progress—whether it be a payment, an insurance claim or a medical office visit. The ability to detect actual fraud in real time reduces both loss and manual intervention costs.