DAMAGE BY A THOUSAND FRAUDS
If 0.1 % of 100 million transactions are fraudulent , each costing a company US $ 10 , the total loss would be US $ 1m . fraudsters always seeking to find new ways to exploit consumers . Some are even using generative AI chatbots to craft more convincing emails ,” says Christen .
Yet , just as the threat lies in the increasing use of AI , so does the remedy . Advancements in Generative AI ( Gen AI ) can help improve how models spot and detect these acts of fraud .
“ Gen AI can help businesses get a better and more detailed understanding of how customers normally behave through granular behavioural analysis ,” Ariel elaborates . “ By creating in-depth profiles of users , businesses can notice unusual activities more easily , which is great for detecting account takeover and identity theft cases .”
Cloud AI is also being advanced at a staggering rate that can help LLMs be better at processing the information they have to produce better results .
“ AI-enabled cloud data analytics is paving the way forward . LLMs for one can help spot fraud in text by leveraging their natural language understanding and processing capabilities , informed by the latest data ,” Christen adds .
This , combined with AI using
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