banks use AI is by sending mobile alert to help prevent against fraud state true and false
Answers
Answer:
True
Explanation:
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Frauds are the biggest challenge for the finance industry and their customers which results in huge losses each year. Credit card is the most common type of frauds and as per one report, there were 270,000 cases of credit card fraud in 2019. Most of the frauds happen with retail customers, but corporations and sometimes even banks find themselves at the direct receiving end of fraud that results in huge losses.
The finance industry is now utilizing state of art artificial intelligence technologies to intercepts these frauds as early as possible and prevent them from taking place. Let us see some of the key areas where AI is being used extensively for detecting or preventing financial frauds.
Fraudulent Transactions
Cybercriminals often steal bank account details or credit card details by various means and use them to do fraudulent transactions and siphon off the money from the victim’s accounts. If the transactions are not stopped in a timely manner, it becomes difficult to recover money and are often lost forever.