Fraud Prevention is more complex with adaption of ecommerce and cross border payments and growing popular digital payment methods. With Artificial Intelligence and machine Learning service engines such as Net fraud Ensemble can prevent the Fraud transaction by 40%. Using AI can also reduce workload of security operation teams. Most of the people used to purchase things in shop then, but now everything is done in Online. Detecting Fraud in global corporate with overload workload and data to monitor is difficult. Fraud Detection is an excellent application for AI and ML with good success rate in Banking and insurance. According to McAfee’s report, Cybercrime presently damaged $600 billion. Fraud can be done in any such as false invoices, Business Email Compromise and other are carried out by high-tech hacking. Using AI in Critical business applications improves security and reduce the workload of security operation teams. AI can be used to analyze large number of transactions to uncover fraud trends or behavior which subsequently used in real-time. When a fraud is detected, AI models rejects the transactions altogether and raise a flag. Al model can offer codes for Flagged transactions which directs the investigators where they should seek for fraud and speed up the process.
Client support is the fundamental part of banking. Using Conversation Artificial Intelligence and machine learning changing the financial client support by providing chatbots, feedback and many more. Client can interfere with AI banking bots through messaging or tapping orders in their screens.
Using AI and ML can give a clear image of risks and danger and probability of returning every individual. Credit services and loan decision are made by investigating financial Assessment, record and past activities. Using these method bank can lose money with false information. AI and ML are more into investigate elective information in advance, credit score will raise some protection, moral and legitimate concerns. AI provides decision-making models that rapidly makes decision for loan applications and credit services