Banks to spend additional $31 billion on AI to reduce frauds
Banks worldwide are expected to spend an additional $31 billion on artificial intelligence (AI) embedded in existing systems by 2025 to reduce fraud, according to a report.Similarly for banking executives worldwide, fraud management is featured strongly as a priority, the IDC report mentioned."In the process of coming up with digital products and services, new channels, and new payment methods, businesses might be overestimating the adequacy of their current defense mechanisms against fraud," said Michael Araneta,…