Speech AI: The Future of Fraud Prevention? – The AI Journal

Fraudulent behaviour plagues many industries, particularly in finance-related sectors. Constantly evolving techniques pushed by organised fraud have frequently sidestepped prevention efforts, pushing company fraud prevention strategies to the limit. Businesses must take a fresh, innovative approach, as outdated solutions cannot combat old problems. New ideas and software (driven by companies such as Intelligent Voice) integrated speech recognition technology with AI and machine learning to produce an updated and versatile option for fraud prevention. These technologies are the future of the fight against fraud.

What does this new application of speech recognition look like?

Speech AI utilises several processes, usually collaboratively, to produce and re-implement audio data. Conversational AI, Natural Language Processing (NLP), and Automatic Speech Recognition (ASR) are often applied. When combined with machine learning systems, Speech AI can consistently evolve alongside the constantly changing nature of fraud, minimising the gaps in a company’s anti-fraud strategy.

Audio data was previously viewed as more challenging than its written or numerical counterparts, with difficulties in quantification and the impact of human error. Speech AI sidesteps these issues, removing human error almost entirely from the equation and effectively processing, recording, and re-implementing audio data, without losing the ability to explain decision making, as increasingly demanded by regulators.

What is Speech AI capable of detecting?

 

Full article: Speech AI: The Future of Fraud Prevention? – The AI Journal