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Bookmark or Share- What Is Fraud Detection? | IBMFrom credit card theft to investment scams, account takeovers and money laundering, fraud is a widespread problem. The Association of Certified Fraud Examiners (ACFE) estimates that US businesses lose an average of 5% of their gross annual revenues to fraud. 1 The Federal Trade Commission (FTC) found that US consumers lost more than USD 10 ...
- What is artificial intelligence (AI) in finance? - IBMBy analyzing intricate patterns in transaction data sets, AI solutions allow financial organizations to improve risk management, which includes security, fraud, anti-money laundering (AML), know your customer (KYC) and compliance initiatives. AI is also changing the way financial organizations engage with customers, predicting their behavior ...
- What is SOX (Sarbanes-Oxley Act) Compliance? | IBMSOX compliance is the act of adhering to the financial reporting, information security and auditing requirements of the Sarbanes-Oxley (SOX) Act, a US law that aims to prevent corporate fraud.
- What is robotic process automation (RPA)? - IBMMore than 1 in 3 bots today are in the financial industry, which is of little surprise given banking's early adoption of automation. Today, many major banks use RPA automation solutions to automate tasks, such as customer research, account opening, inquiry processing and anti-money laundering.
- Five Ways to Use RPA in Finance | IBMTo help detect and prevent fraud, financial institutions need the right cybersecurity technology for due-diligence checks, sanctions screening and transaction monitoring and investigation. RPA improves the speed and accuracy of fraud detection. First, RPA bots confirm whether data adheres to federal anti-money laundering (AML) guidelines.
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