AI Fraud Systems Frazzled by Covid-19
Seismic changes in customer behavior are seeing machine learning solutions throw out false positives.
Banks are reporting a sharp rise in cases of internal and external fraud perpetrated during the coronavirus pandemic – and with typical patterns of behavior among retail and corporate clients turned on their respective heads, detection systems that rely on past patterns of behavior to make predictions are struggling to cope.
In ordinary times, machine learning technology can dramatically improve fraud detection rates by spotting transactions that look atypical of observed customer behavior
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