AI Has the Power to Revolutionize Fraud Investigations
AI expert Johannes "Jan" Scholtes explores how AI and machine learning can be leveraged to detect irregularities and prevent fraud.
How is AI used in fraud investigations?
AI is increasingly utilized in fraud investigations by enabling regulators and auditors to perform large-scale data analysis. It helps detect irregularities and fraudulent behavior by analyzing vast amounts of unstructured data, such as emails and text documents, which traditional data-mining tools struggle to process.
What challenges do fraud investigators face?
Fraud investigators often deal with an overwhelming volume of digital information without knowing exactly what to search for. They face challenges such as identifying code words used by fraudsters and distinguishing between legitimate transactions and suspicious ones, all while managing the risk of flagging too many false positives.
How does text mining improve fraud detection?
Text mining enhances fraud detection by allowing investigators to identify patterns and relationships within unstructured data. It employs advanced algorithms to extract relevant information and classify entities, enabling auditors to focus on significant findings and streamline their investigations.
AI Has the Power to Revolutionize Fraud Investigations
published by Divergent IT
Divergent IT is a tech service operational consulting & strategy firm. Divergent IT partners with CIOs, business owners, and Non-Profits to develop strategy and implementation across their business including: cybersecurity, remote maintenance management (RMM), IT strategy, on-site maintenance and more.
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