Why companies should use AI for fraud management, detection

The future of AI for fraud detection and management will be beneficial, but adoption rates will vary across companies, industries and countries, Liu said.

“The technology, retail, e-commerce and financial sectors will become the forefront of AI-based fraud management models,” Liu said. Digitally intensive industries will rely more heavily on AI fraud management, Liu added, which will enable them to develop models faster. In traditional industries, such as manufacturing, AI will develop more slowly due to the lack of digitized data and prevalence of offline interactions.

The development of AI for fraud detection and management will also vary Liu encouraged those dubious of AI to give it a chance. “Adopting AI models can give you a lot of advantage over your peers, so don’t be hesitant,” he said.