How does AI contribute to fraud detection in banking transactions?
- By analyzing transaction patterns and identifying anomalies.
- By encrypting all financial transactions.
- By focusing solely on high-value transactions.
- By replacing human bank tellers with AI bots.
AI contributes to fraud detection in banking by analyzing transaction patterns and identifying anomalies that might indicate fraudulent activity. Machine learning algorithms can learn from historical data to detect unusual behavior in real-time, helping to prevent and mitigate fraud.
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