Financial services providers have been using Artificial Intelligence (AI) and machine learning for a range of operations, including credit underwriting and conversational banking. However, one use case that has emerged as a priority for the industry is linked to the better management and prevention of fraud. Reports of fraudulent activity in 2019 have been all too familiar, including the news of Metro Bank falling victim to a new type of SS7 hacking which intercepts the text message used for 2-factor authentication and more recently, investigations into N26 by German regulator Bafin over complaints of fraudulent activity going ignored at the bank due to poor reporting processes.

https://www.finextra.com/blogposting/18045/using-ai-in-the-fight-against-fraud