Fraud is a dominant issue within financial services, providing consistent challenges. Outdated solutions will not answer this issue, instead, businesses must adopt innovative approaches to combat organised fraud directly. The new technology integrating AI and speech recognition facilitates a more adaptable anti-fraud strategy, focusing on early detection with minimal human involvement. Software such as Intelligent Voice’s LexiQal is driving the success of this technology, drastically improving fraud prevention for a range of businesses within financial services, while giving the explainability required by regulators.
Speech Recognition, Machine Learning, and Fraud Prevention
Processing audio and video data was previously a time-consuming and resource-heavy endeavour. However, the application of Speech AI and machine learning is challenging this perception. Implementing these systems can revolutionise the treatment of audio data for a business, unlocking new information and providing enhanced anti-fraud protection.
How do Speech AI and machine learning work?
Speech AI is an umbrella term covering a range of processes, with some of the most common being Conversational AI, NLP (Natural Language Processing), and ASR (Automatic Speech Recognition). These processes can provide a comprehensive anti-fraud strategy when implemented in collaboration with machine learning. Machine learning refers to the process of creating automated, adaptable technology. Instead of requiring manual input to change and update its algorithms, machine learning uses its collected or inputted data to identify patterns and changes. It can then update its algorithms without human intervention.
When utilised collaboratively, Speech AI and machine learning provide a constantly evolving anti-fraud strategy that can keep pace with a rapidly changing crime. As a result, companies can remain updated with large and small-scale fraudulent operations.