Why is Fraud Detection with AI Important?
The rise of digital transactions has made it easier for fraudsters to carry out their illegal activities. According to a report by the Association of Certified Fraud Examiners, businesses lose around 5% of their revenue to fraud each year. This translates to billions of dollars in losses globally. Fraudulent activities can damage a business’s reputation, lead to legal repercussions, and cause financial ruin. Hence, it’s essential to have effective fraud detection systems in place to prevent such activities.