Fighting fraud in payments with AI
AI is revolutionizing fraud detection in financial institutions, enhancing security and confidence in digital payments.
In 2024, US consumers lost over $12.5 billion to fraud schemes—nearly four times the $3.5 billion lost in 2020.1 Financial institutions (FIs) are under immense pressure to fortify their defenses against this escalating threat.
A KPMG generative AI survey2 finds that financial services respondents reveal the following:
76%
of FI respondents see fraud detection and prevention as their top application for GenAI
83%
of financial institutions plan to increase their GenAI investments by at least 50%
These systems, which can analyze robust data sets in real time, have shown great promise in identifying and mitigating fraud patterns. Still, the journey to combat AI-driven fraud is fraught with challenges. To learn more about how AI can help FIs stay ahead of AI-driven fraud, download the paper.
Dive into our thinking:
Fighting fraud in payments with AI
Download PDFChallenges in combating AI-driven fraud
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Footnotes
1 “New FTC Data Show a Big Jump in Reported Losses to Fraud to $12.5 Billion in 2024,” Federal Trade Commission (March 10, 2025), ftc.gov.
2 “The generative AI advantage in financial services, KPMG LLP (August 2023).
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