FIs Depend on AI/ML Partners to Fight Next-Gen Fraudsters

Financial Institutions Revamping Technologies to Fight Financial Crimes

FIs use a mix of in-house systems and third-party provider options to protect consumers from financial crime, and new technologies like AI and ML are now necessary to fight fraud in this industry. PYMNTS Intelligence’s latest report, “Financial Institutions Revamping Technologies to Fight Financial Crimes,” a collaboration with Hawk AI, explores how 71% of FIs are using both of these technologies and where partners could help.

Inside the December Data Brief
  • 90%: Portion of FIs that use fraud prevention APIs
  • 29%: Share of FIs that rely entirely on third parties to provide AI and ML solutions
  • 30%: Portion of FIs that say customer needs are an influential factor when considering third-party solution providers

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    Fraud and Financial Crimes Report Series

    Leveraging AI and ML to Thwart Scammers
    How Fraud Fears Impact FIs’ Adoption of Faster Payment Solutions
    The State of Fraud and Financial Crime in the U.S.