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Machine learning (ML) and artificial intelligence (AI) have become mainstream topics. From self-driving cars to advances in medical research, the influence of AI on our daily lives is growing faster than most people realize. But for professionals focused on the prevention of financial crimes, this expanding universe of AI use cases has cast a spotlight on the current and future role of AI in detecting enterprise fraud. It’s a case study in the evolution of specialized AI. After all, FICO pioneered the use of AI in payment fraud 25 years ago. And since that time, the technology has benefited from decades of domain-specific R&D that is currently being used to protect 2.6 billion payment cards, as well as retail banking accounts around the globe.
More than 9,000 financial institutions rely on the FICO® Falcon® Platform to operationalize AI in their fraud detection programs. This paper will highlight several of the recent AI innovations being used by these clients today while also providing a glimpse into the future of fraud detection.