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The rise of artificial intelligence (AI) has brought about significant advancements across various sectors, including fraud. New and more complex cybersecurity threats have emerged, leading to phishing, vishing, account takeovers (ATO), synthetic identity fraud, and more. Fraudsters can use this technology to scam consumers, banks, billers, and merchants out of their hard-earned money, putting the issuing financial institution at risk. This highlights the urgent need for robust security measures and greater transparency when incorporating AI fraud management solutions into your payments ecosystem.
Addressing this challenge starts with increasing intelligence accessibility to a wider range of users, or democratizing AI. Comprehensive insights enable predictive modeling capabilities, empower collaboration, and pinpoint fraudulent behavior.
The democratization of AI is crucial for several reasons.
1. Promotes innovation: More people can experiment and improve AI technologies, uncovering novel applications and solutions that might otherwise remain unexplored.
2. Bridges the gap: Experts must foster consumers’ better understanding of AI’s capabilities and limitations to set realistic expectations. By democratizing the use of AI, it empowers the actual user with the domain knowledge to remain proactive against headwinds.
3. Distributing more equitably: Preventing the concentration of power in a few large corporations makes AI more accessible and inclusive. This not only enhances customer experiences and boosts data-driven decision-making but also drives overall business performance.
4. Security and fairness in mind: This fosters a culture of transparency, ethical AI practices, and equally mitigating biases. Ask yourself: Where would a scammer or a fraudster usually engage in cash-out scams?
- In a high-income area where large ticket value ATM cash withdrawals are common
- In a low- or middle-income area where a large ticket value cash withdrawal might lead to an alert
Encouraging diverse perspectives in AI development can also help identify and mitigate potential risks, leading to more resilient and trustworthy AI solutions. See how KTC, a leading bank, builds a fence of precision to protect its reputation, revenue, and relations with precise and real-time capabilities using ACI’s powerful model generator.
ACI Fraud Management for Banking 
As a product marketer with four years of experience, Karan works on developing go-to-market strategies, product positioning, and orchestrating end-to-end campaigns. At the heart of his work is to educate audiences, aiming to create a safer world by mitigating fraud threats. Entrusted with ACI's payments intelligence and fraud management product marketing, Karan helps businesses pave the path to security and trust within the digital payment landscape.
