#Fraud in the financial industry poses a significant risk to the institutions.
Rs. 1.85 Lakh Crore worth of bank fraud was reported by RBI in June 2020, which
was a 500% increase, compared to 2019’s Rs. 71,500 Crore.

The number of transactions/ taxpayers has increased in the system in the past
few years. This has led to the sophistication of fraudulent activities. It is
tough for regulators and federal agencies to verify identities and transactions.

Thus, #Forensics lies on the cusp of #digitaltransformation and fraud management

To be one step ahead in fraud detection, we need to consider the use of advanced
analytics, Machine Learning (ML), and AI. Banks and #nbfcs have undergone a
digital transformation over the past few years. Many major banks need extensive
background checks and digital verification for their customers. AI serves as the
logical choice for faster decision-making and higher efficiency.

In the blog, “Need For AI in Forensics – Why is it essential?”, our CEO &
Co-founder, Ankit Ratan, talks about how #AI is holding the potential to
dramatically change the field in a variety of ways, from reducing bias in
investigations to challenging what evidence is considered admissible.

Read more - http://bit.ly/39oVdSr



Posted by Signzy on Facebook
link: facebook.com/TeamSignzy/