How FIs Are Using AI and ML to Fight Scammers

Leveraging AI and ML to Thwart Scammers

Although authorized party fraud accounts for only 37% of FIs’ fraud losses in dollars, these types of attacks are the most likely to impact customer satisfaction and retention — something FIs cannot overlook. PYMNTS Intelligence’s latest 29-page report, “Leveraging AI and ML to Thwart Scammers,” a collaboration with Hawk, contains 8 charts of proprietary data examining the role of ML and AI to help keep fraudsters from getting the upper hand

Inside the May Data Brief
  • 64%: Portion of FIs reporting incidents of IRS imposter scams
  • 36%: Share of FIs that believe they should not be responsible for reimbursing customers for money lost in scams
  • 53%: Portion of scams FIs report that involve product or services fraud

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    Fraud and Financial Crimes Report Series

    How Fraud Fears Impact FIs’ Adoption of Faster Payment Solutions
    Financial Institutions Revamping Technologies to Fight Financial Crimes
    The State of Fraud and Financial Crime in the U.S.