AI-enabled financial fraud detection spending to hit 57% in 2027

Global business spending on artificial intelligence (AI)-enabled financial fraud detection and prevention strategy platforms will exceed USD10bn in 2027 from just over USD6.5bn in 2022, according to a report released by Juniper Research. The study predicts that merchants and issuers will become more adept at utilising highly advanced AI-enabled fraud detection methods to combat crime as fraudsters become more sophisticated in their attacks. The study identified the ability of AI to recognize fraudulent payment trends at scale as being critical to provide improved fraud prevention. The research analysis predicts cost savings from AI deployment will be critical to take system use beyond regulatory compliance.