Over the last two years, fraud detection and prevention in financial services has faced unprecedented challenges. Factors such as the uncertain economy, ongoing global conflicts, the wider adoption of diverse payment methods, and the development of AI – often used for deep fakes and automating cyberattacks – have contributed to the rise in fraud. According to NICE Actimize’s 2024 Fraud Insights report, authorised fraud grew by 22% in 2023, with the average fraudulent transaction amount surging by 43% to reach USD 3,222.
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