Banking on AI: Fraud Detection, Credit score Threat Evaluation, and the Way forward for Monetary Companies

Banking on AI: Fraud Detection, Credit score Threat Evaluation, and the Way forward for Monetary Companies

In 2020, the monetary world was rocked by a scandal involving Wirecard, a German funds processing firm. Wirecard had inflated its income and earnings for years by means of an elaborate accounting fraud scheme.  It resulted in billions of {dollars} in losses for traders and uncovered vulnerabilities in conventional monetary oversight strategies. One other notable…