{"id":9575,"date":"2023-11-29T17:15:43","date_gmt":"2023-11-29T15:15:43","guid":{"rendered":"https:\/\/eurisko.net\/how-does-ai-help-in-financial-fraud-detection-and-protection\/"},"modified":"2024-02-20T13:28:36","modified_gmt":"2024-02-20T11:28:36","slug":"how-does-ai-help-in-financial-fraud-detection-and-protection","status":"publish","type":"post","link":"https:\/\/eurisko.net\/en-sa\/how-does-ai-help-in-financial-fraud-detection-and-protection\/","title":{"rendered":"How Does AI Help in Financial Fraud Detection and Protection"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Cybercrime costs the world economy around $600 billion annually, approximately 0.8% of the global GDP.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And with a Global non-cash transaction volume<\/span><span style=\"font-weight: 400;\"> set to reach $<\/span><span style=\"font-weight: 400;\">1.3 trillion<\/span><span style=\"font-weight: 400;\"> in 2023, online fraud statistics are becoming alarming.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Just this year, online shopping scams added up to more than $48 billion worldwide!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, the big question is, <\/span><b>how can AI (Artificial Intelligence) make our banks safer and stronger?<\/b><span style=\"font-weight: 400;\"> That&#8217;s what we&#8217;re diving into in this blog<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b>Table of Contents<\/b><\/p>\n<p><a href=\"#financial-sector\"><span style=\"font-weight: 400;\">Why AI has become crucial in the financial sector<\/span><\/a><\/p>\n<p><a href=\"#banking-fraud\"><span style=\"font-weight: 400;\">The most common types of banking fraud<\/span><\/a><\/p>\n<p><a href=\"#ai-fraud-detection\"><span style=\"font-weight: 400;\">The role of AI in fraud detection<\/span><\/a><\/p>\n<p><a href=\"#danske-bank\"><span style=\"font-weight: 400;\">Case study: Danske Bank<\/span><\/a><\/p>\n<p><a href=\"#ai-alignment\"><span style=\"font-weight: 400;\">AI alignment with regulatory compliance<\/span><\/a><\/p>\n<p><a href=\"#powerful-ways\"><span style=\"font-weight: 400;\">3 powerful ways conversational AI prevents fraud in banking and fintech<\/span><\/a><\/p>\n<p><a href=\"#ai-safer\"><span style=\"font-weight: 400;\">AI for safer and more convenient banking and fintech<\/span><\/a><\/p>\n<h2><\/h2>\n<p>&nbsp;<\/p>\n<h2 id=\"financial-sector\"><b>Why has AI become crucial in The Financial Sector?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The financial sector connects all business and non-business sectors, for-profit and nonprofit, entities and individuals together.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What drives its evolution and technological adoption can be summarized by 3 key motivators:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Delivering a better customer service<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Responding to external threats<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Creating new financial opportunities<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Banks and Fintech companies have a moral obligation to move as fast as the technological wave and optimize their services and operations to be up to standards and customers&#8217; needs.<\/span><\/p>\n<h3><b>The Digitization of Banking Products<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Digitizing banking products resulted in a surge of new payment types such as <\/span><b>instant payment<\/b><span style=\"font-weight: 400;\"> and <\/span><b>e-payments<\/b><span style=\"font-weight: 400;\">, and gave users access to online applications.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This pivotal move in financial transactions and consumer behavior improved the overall customer experience but resulted in a <\/span><b>surge in fraud<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Banks and Fintech companies were pressured to recur to <\/span><b>Machine Learning (ML)<\/b><span style=\"font-weight: 400;\"> and <\/span><b>Deep Learning (DL)<\/b><span style=\"font-weight: 400;\"> to stay ahead of tech-savvy fraudsters.<\/span><\/p>\n<h3><b>Shift in Consumer Behavior<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">\u201c<\/span><i><span style=\"font-weight: 400;\">We are moving into an era of frictionless, or intuitive, payments<\/span><\/i><span style=\"font-weight: 400;\">\u201d &#8211; Mastercard.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Consumers are becoming fast and educated adopters. They require top-quality products, convenience, flexibility, and privacy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In response, banks shifted their focus from keeping fraud low and limiting losses to providing the best consumer experience with the least amount of fraud thus introducing friction when it is absolutely necessary.\u201d<\/span><\/p>\n<h3><b>AI Fraud Detection vs Conventional Fraud Detection<\/b><\/h3>\n<p><b>Traditional fraud detection methods<\/b><span style=\"font-weight: 400;\"> often rely on rule-based systems, using predefined rules to flag potentially fraudulent transactions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While effective to some extent, these systems may need help to analyze vast amounts of data in real-time.<\/span><\/p>\n<p><b>AI-based fraud detection<\/b><span style=\"font-weight: 400;\"> relies on AI, especially machine learning, which excels in processing and analyzing massive datasets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It can identify subtle patterns and anomalies by learning from historical transaction data, enabling more accurate and timely fraud detection.<\/span><\/p>\n<p>&nbsp;<\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Traditional Fraud Detection<\/b><\/td>\n<td><b>AI-Based Fraud Detection<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rule-based systems<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Machine Learning and deep learning<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Could become outdated as fraudsters develop new techniques<\/span><\/td>\n<td><span style=\"font-weight: 400;\">ML models continuously adapt to new fraud patterns<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Requires manual updates to rules<\/span><\/td>\n<td><span style=\"font-weight: 400;\">ML models learn in real-time and automatically adjust their algorithms<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">May generate false positives or false negatives<\/span><\/td>\n<td><span style=\"font-weight: 400;\">AI models enhance accuracy by considering a multitude of factors. They reduce false positives\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Latency issues, especially as transaction volumes increase. Challenging real-time fraud detection.\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">AI excels in real-time analysis, enabling swift identification of suspicious patterns and immediate response to potential fraud<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">N\/A<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Unsupervised learning within AI allows the system to identify patterns without predefined labels. This is particularly valuable for detecting novel fraud schemes that may not have been encountered before.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">McKinsey\u2019s <\/span><a href=\"https:\/\/www.mckinsey.com\/capabilities\/quantumblack\/our-insights\/the-executives-ai-playbook?page=industries\/banking\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">AI Playbook <\/span><\/a><span style=\"font-weight: 400;\">announces, \u201c<\/span><i><span style=\"font-weight: 400;\">With AI-based software solutions, businesses have the potential to unlock up to $1 trillion in extra value!<\/span><\/i><span style=\"font-weight: 400;\">\u201d<\/span><\/p>\n<h2 id=\"banking-fraud\"><b>The Most Common Types of Banking Fraud<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The types of banking Fraud are enumerable, and with new tech adoption comes new challenges every day.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are the most common types of banking fraud around the world.\u00a0<\/span><\/p>\n<h3><b>Unauthorized Transactions<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.forbes.com\/sites\/ronshevlin\/2021\/07\/29\/mobile-banking-adoption-has-skyrocketed-but-so-have-fraud-concerns-what-can-banks-do\/?sh=1f5cf8c45dc6\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Forbes article reported<\/span><\/a><span style=\"font-weight: 400;\"> that roughly eight in 10 mobile banking users are concerned about credit card fraud.<\/span><\/p>\n<p><b>Fraud prevention through AI:<\/b> <span style=\"font-weight: 400;\">AI detects anomalies in the card owner\u2019s spending patterns and flags them in real-time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By building <\/span><b>predictive models<\/b><span style=\"font-weight: 400;\"> of the user\u2019s future expenditure it immediately sends notifications in case of suspicious behavior.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The legitimate card owner can then block the card and contain damages.<\/span><\/p>\n<p><b>AI-powered banking systems<\/b><span style=\"font-weight: 400;\"> can also create &#8216;<\/span><b>purchase profiles<\/b><span style=\"font-weight: 400;\">&#8216; for customers and identify transactions that deviate significantly from the usual.<\/span><\/p>\n<p><b>Real-life application<\/b><span style=\"font-weight: 400;\">: <\/span><span style=\"font-weight: 400;\">Mastercard&#8217;s Decision Intelligence employs AI to analyze cardholder spending behavior (historical shopping), set a behavioral baseline against which it compares each new transaction, and evaluate the risk of fraud in real-time, enabling it to block suspicious transactions before they are authorized.<\/span><\/p>\n<h3><b>Phishing Scams<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Both consumers and corporate employees can fall victim to phishing attacks leading to unauthorized transactions, account takeovers (ATO), data breaches, or identity theft.<\/span><\/p>\n<p><b>Fraud prevention through AI: <\/b><span style=\"font-weight: 400;\">Machine learning (ML) algorithms can detect <\/span><b>fraudulent activity<\/b><span style=\"font-weight: 400;\"> in emails based on subject lines, content, and other details and label them as spam. This warns the user and reduces the danger of fraud.<\/span><\/p>\n<h3><b>Identity Theft<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">This type of fraud is the most common complaint among consumers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this case, <\/span><b>cybercriminals<\/b><span style=\"font-weight: 400;\"> steal a customer\u2019s identity by hacking into their account and changing crucial account user credentials like passwords.\u00a0<\/span><\/p>\n<p><b>Fraud prevention through AI:<\/b><span style=\"font-weight: 400;\"> Because AI recognizes the <\/span><b>customer&#8217;s behavior patterns<\/b><span style=\"font-weight: 400;\">, it may detect unexpected activities such as password changes and contact information. To avoid identity theft, it warns the customer and employs measures such as <\/span><b>multi-factor authentication<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h3><b>Document Forgery<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Here we talk about forged signatures, fake IDs, and fake credit card and loan applications which are common issues in banking.<\/span><\/p>\n<p><b>Fraud prevention through AI:<\/b><span style=\"font-weight: 400;\"> AI\/ML algorithms learn the patterns of a signature and an ID, and detect minor flaws imperceptible to the human eye.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is how banks can differentiate between original and fake identities, authenticate signatures, and detect forgeries with extremely high accuracy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They can also reduce the possibility of someone cashing a cheque with a phoney ID.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other useful tools could be <\/span><b>multi-factor authentication<\/b><span style=\"font-weight: 400;\"> and <\/span><b>AI-backed KYC <\/b><span style=\"font-weight: 400;\">measures.<\/span><\/p>\n<h2 id=\"ai-fraud-detection\"><b>The Role of AI in Fraud Detection<\/b><\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">AI brings a new dimension to fraud protection, employing advanced algorithms and machine learning to analyze vast datasets in real-time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s how AI can detect Fraud and prevent it:<\/span><\/p>\n<h3><b>Pattern Recognition: The Power of Anomalies<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">AI excels in recognizing patterns and identifying anomalies within vast datasets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By establishing a baseline of normal user behavior, AI algorithms can swiftly detect deviations that may signal fraudulent activity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This dynamic approach enables banks to stay one step ahead of fraudsters who continually refine their tactics.<\/span><\/p>\n<h3><b>Behavioral Biometrics: Unmasking the Fraudsters<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">In addition to standard security measures, AI uses biometrics based on behavior to verify users.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To confirm a user&#8217;s authenticity, factors like typing patterns, mouse motions, and even the unique cadence of voice can be analyzed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This not only adds an additional layer of security but also ensures a smooth and user-friendly experience.<\/span><\/p>\n<h3><b>Predictive Analytics: Anticipating Fraudulent Moves<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">AI doesn&#8217;t just react to known threats; it anticipates them.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Through predictive analytics, AI models assess historical data to forecast potential fraud trends.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This proactive approach allows banks to implement preemptive measures, protecting both their assets and the trust of their customers.<\/span><\/p>\n<h3><b>Real-time Monitoring: The Need for Speed<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Fraud doesn&#8217;t wait, and neither should protection measures.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">AI enables real-time monitoring of transactions, swiftly identifying suspicious activities as they occur.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This rapid response time is crucial in mitigating potential losses and preventing fraudulent transactions from being completed.<\/span><\/p>\n<h2 id=\"danske-bank\"><b>Case Study: Danske Bank<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Danske Bank is a Nordic universal bank, though it has 145 years of experience in the market, its fraud detection rate was as low as 40%.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Out of 1,200 false positives per day, 99.5% of all cases the bank was investigating were not fraud-related.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To put an end to these dead ends, the Bank decided to strategically apply innovative analytic techniques, including AI, to better identify instances of fraud while reducing false positives.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The results speak for themselves:\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A 60% reduction in false positives, with an expectation to reach as high as 80%.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A 50% increase in true positives.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Focus resources on actual cases of fraud.<\/span><\/li>\n<\/ol>\n<h2 id=\"ai-alignment\"><b>AI Alignment with Regulatory Compliance<\/b><\/h2>\n<p><b>The General Data Protection Regulation<\/b><span style=\"font-weight: 400;\"> (GDPR) stands as a cornerstone for safeguarding customer data privacy.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">AI, with its ability to analyze and process vast datasets, aids financial institutions in adhering to GDPR by implementing <\/span><b>robust data protection measures<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Through advanced encryption algorithms and anonymization techniques, AI systems contribute to the secure handling of sensitive information, aligning with GDPR&#8217;s principles of lawful and <\/span><b>transparent data processing<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, the <\/span><b>Payment Card Industry Data Security Standard (PCI DSS) <\/b><span style=\"font-weight: 400;\">imposes strict guidelines on the protection of payment card data.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Financial institutions leverage <\/span><b>AI-powered fraud detection systems<\/b><span style=\"font-weight: 400;\"> to meticulously scrutinize transactions in real time, identifying anomalies and potential threats to cardholder information.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By employing machine learning algorithms, these systems continuously evolve to recognize new patterns of fraudulent activities, thereby ensuring ongoing compliance with <\/span><b>PCI DSS requirements<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The adaptive nature of AI not only fortifies defenses against unauthorized access but also positions financial institutions to proactively address emerging challenges, a crucial aspect in meeting the ever-evolving landscape of regulatory expectations.<\/span><\/p>\n<h2 id=\"powerful-ways\"><b>3 Powerful Ways Conversational AI Prevents Fraud in <a href=\"https:\/\/eurisko.net\/industries\/fintech-insurtech\/\">Banking and Fintech<\/a><\/b><\/h2>\n<p><img decoding=\"async\" class=\"lazyload alignnone size-full wp-image-9365\" src=\"https:\/\/eurisko.net\/wp-content\/uploads\/2023\/11\/fintech-conversational-ai.jpg\" data-orig-src=\"https:\/\/eurisko.net\/wp-content\/uploads\/2023\/11\/fintech-conversational-ai.jpg\" alt=\"\" width=\"1920\" height=\"869\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%271920%27%20height%3D%27869%27%20viewBox%3D%270%200%201920%20869%27%3E%3Crect%20width%3D%271920%27%20height%3D%27869%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-srcset=\"https:\/\/eurisko.net\/wp-content\/uploads\/2023\/11\/fintech-conversational-ai-200x91.jpg 200w, https:\/\/eurisko.net\/wp-content\/uploads\/2023\/11\/fintech-conversational-ai-300x136.jpg 300w, https:\/\/eurisko.net\/wp-content\/uploads\/2023\/11\/fintech-conversational-ai-400x181.jpg 400w, https:\/\/eurisko.net\/wp-content\/uploads\/2023\/11\/fintech-conversational-ai-600x272.jpg 600w, https:\/\/eurisko.net\/wp-content\/uploads\/2023\/11\/fintech-conversational-ai-768x348.jpg 768w, https:\/\/eurisko.net\/wp-content\/uploads\/2023\/11\/fintech-conversational-ai-800x362.jpg 800w, https:\/\/eurisko.net\/wp-content\/uploads\/2023\/11\/fintech-conversational-ai-1024x463.jpg 1024w, https:\/\/eurisko.net\/wp-content\/uploads\/2023\/11\/fintech-conversational-ai-1200x543.jpg 1200w, https:\/\/eurisko.net\/wp-content\/uploads\/2023\/11\/fintech-conversational-ai-1536x695.jpg 1536w, https:\/\/eurisko.net\/wp-content\/uploads\/2023\/11\/fintech-conversational-ai.jpg 1920w\" data-sizes=\"auto\" data-orig-sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Talking to your customers is crucial to preventing fraud.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Any person may break their behavioral patterns for any reason; Financial institutions certainly don\u2019t want to cancel a legitimate transaction.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conversational AI can make these checks fully automatic, which is the perfect balance between being strict about stopping fraud and making things easy for customers.<\/span><\/p>\n<h3><b>Conversational AI for Transaction Verification<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Conversational AI allows an automated system to respond in real-time to human speech, resulting in dynamic, lifelike discussions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This achieves two critical goals for fraud detection:\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Increasing consumer trust in your voicebot.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Enabling voicebots to collect the data required by their systems to validate legitimate transactions and invalidate fraudulent ones.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">This transition to <\/span><b>voice-based verification<\/b><span style=\"font-weight: 400;\"> makes push notifications more accessible and convenient for all users.<\/span><\/p>\n<h3><b>Voice AI to Prevent Voice Phishing Attacks<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">In voice phishing scams, fraudsters call your customers, often using poor-quality TTS voices to automate the attempt.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They may claim to represent you to get personal information they can use to drain account credentials.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is a serious challenge to banks because their systems aren\u2019t involved in the scam. You can\u2019t control them!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thus, the key to preventing phishing is to give customers the power to authenticate <\/span><i><span style=\"font-weight: 400;\">you<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>How can customers authenticate their banks\u2019 representatives?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">By presenting a <\/span><i><span style=\"font-weight: 400;\">single, unmistakable voice<\/span><\/i><span style=\"font-weight: 400;\"> for your brand: a fully <\/span><b>custom-built branded TTS voic<\/b><span style=\"font-weight: 400;\">e, also known as a <\/span><b>custom voice<\/b><span style=\"font-weight: 400;\">, unique to your institution, built on neural networks that produce warm, lifelike speech.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Voice AI also helps banks and fintech to authenticate the people they serve.<\/span><\/p>\n<h3><b>Voice Biometrics for User Authentication<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Voice authentication is a new form of biometrics that can prevent identity theft in voice-based interactions between banks and consumers.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By using AI it identifies a speaker\u2019s voice as belonging to them and only them, as it has more than <\/span><a href=\"https:\/\/www.theguardian.com\/technology\/2016\/feb\/19\/how-safe-is-voice-recognition-fingerprint-id-hsbc\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">100 unique identifiers<\/span><\/a><span style=\"font-weight: 400;\"> contained within the human voice.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, these <\/span><b>speech biometrics systems<\/b><span style=\"font-weight: 400;\"> must also guide users through the log-in process, which necessitates the usage of voice output.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A recognized bespoke branded voice provides consumers with the confidence they require to accept this new verification approach.\u00a0<\/span><\/p>\n<h2 id=\"ai-safer\"><b>AI For Safer and More Convenient <a href=\"https:\/\/eurisko.net\/industries\/fintech-insurtech\/\">Banking and Fintech<\/a><\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AI is establishing a new era of convenience and security for financial institutions and consumers alike.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By embracing the power of artificial intelligence in all its aspects banks, fintech and consumers can ensure accurate data analysis, prompt response, secure transactions, and unwavering fraud prevention.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cybercrime costs the world economy around $600 billion annually, approximately 0.8% of the global [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1963,1961,1965],"tags":[],"class_list":["post-9575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence-en-sa","category-blog-en-sa","category-digital-banking-en-sa"],"_links":{"self":[{"href":"https:\/\/eurisko.net\/en-sa\/wp-json\/wp\/v2\/posts\/9575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/eurisko.net\/en-sa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eurisko.net\/en-sa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eurisko.net\/en-sa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eurisko.net\/en-sa\/wp-json\/wp\/v2\/comments?post=9575"}],"version-history":[{"count":0,"href":"https:\/\/eurisko.net\/en-sa\/wp-json\/wp\/v2\/posts\/9575\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/eurisko.net\/en-sa\/wp-json\/wp\/v2\/media\/9576"}],"wp:attachment":[{"href":"https:\/\/eurisko.net\/en-sa\/wp-json\/wp\/v2\/media?parent=9575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eurisko.net\/en-sa\/wp-json\/wp\/v2\/categories?post=9575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eurisko.net\/en-sa\/wp-json\/wp\/v2\/tags?post=9575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}