AI has rapidly progressed from an undeveloped concept to a highly effective technology with seemingly endless possibilities.
Adopting AI technology allows businesses to improve efficiency, functionality, and quality of service through multiple avenues, including effective fraud detection. AI’s potential is already apparent, with 31% of CIOs reporting having already implemented AI, and 23% expressing the intent to deploy the technology in the next year.
The key features of fraud detection AI lie in conversational AI, natural language processing (NLP), and automatic speech recognition (ASR). Machine learning systems process the data provided, improving algorithms and analysis to detect indicators of fraudulent activity.
Conversational AI uses technology to provide automated messaging and voice-enabled applications, allowing people and computers to converse in a more human-like way. NLP combines machine learning models with human language models, facilitating conversational AI and other voice recognition technologies. ASR translates speech from a verbal format and identifies certain language features. Collaboratively, they comprehensively analyse customer interactions.