How is AI used in fraud detection?

How is AI used in fraud detection?

AI is used in fraud detection by analyzing patterns in data to identify anomalies that may indicate fraudulent activity.

What types of fraud can AI help detect?

AI can help detect various types of fraud, including credit card fraud, insurance fraud, and identity theft.

How does machine learning improve fraud detection?

Machine learning improves fraud detection by continuously learning from new data, allowing it to adapt and improve its accuracy over time.

Are there any limitations to using AI in fraud detection?

Yes, limitations include false positives, the need for large datasets, and potential biases in the algorithms.