The Impact of AI-Powered Fraud Defenses on the Financial Sector
Recent research reveals that AI-based security systems offer finance teams results that are far superior and more effective than manual methods.
According to research conducted in collaboration with PYMNTS Intelligence and Bottomline, 77% of companies utilizing AI-powered fraud defense report achieving much better results compared to manual methods.
The Success of AI-Based Defense Systems
Companies have long debated whether artificial intelligence could improve manual controls, and for those that have adopted the technology, the results are becoming quite clear.
Fifty-nine percent of firms using AI tools state that they block at least 90% of fraud attempts before funds leave the business.
Fraud Tactics and Prevalence
Half of the firms indicate that AI-scripted emails masquerading as vendors or suppliers are the AI-driven fraud tactic they encounter most frequently.
Eighty-eight percent of companies encounter such emails at least a few times a year, while nearly a third—32%—face business email compromise cases every month.
Technologies Used and Future Plans
Eighty-three percent of AI adopters favor real-time predictive risk scoring, and 82% prefer automated document verification methods.
Fifty-eight percent of firms currently not using AI fraud detection say they plan to implement this technology within the next 12 months.