AI Plays Key Role In Fraud Detection

0
176

AI in fraud investigation makes the whole process efficient by generating relevant data

Right from deploying machines to get the work done to the robots assisting the doctors in surgeries, we’ve come a long way – thanks to Artificial Intelligence, truly a remarkable innovation! Today, the business models that we get to see extensive use of technology. Moreover, the new and complex challenges behind the fraud investigation themselves are difficult tasks. Well, it doesn’t end there. Cross-border investigations call for further complexity that already exists. Such investigations could highlight bribery, corruption, data breach, conflicts of interest, financial reporting and IP theft.

There are a number of factors in cross-border investigations that are unaccountable. Some of them are –

  • Local Rules, Laws and Regulations
  • Cultural Features
  • Language barriers
  • Various certification levels, etc.


No wonder such investigations are fraught with complexities and challenges. These complications need day to deploy the right devices with a well-equipped check method.

The method of conducting such an inquiry is as stated:

  • Needless to say, the first step is to get as much information as possible. There are fruitful results based on both external and internal reservations. External sources include media, open-source information, etc. but internal sources clearly revolve around employees, vendors, business operations etc. One important thing to note is that the information collected should be timely and as far as possible.
  • Next, try identifying relationships between the main components and individuals
  • Many ignore this but it is equally important – good knowledge of the event chronology.
  • Business data contains very important information. It is possible to understand what goes on and how to draw the necessary insights. The investigation is incomplete if the business data is not resolved.


Now that you have a pile of data to analyze, there’s no point in scanning each of its pieces. The key here is to identify the respective topic. Artificial intelligence is formed here. Embedded Artificial Intelligence helps you filter content and classify as needed. The facility of Earth Search is nothing short of a boon here as it automatically identifies relevant concepts and documents.

Artificial Intelligence in fraud investigation enables us to efficiently process the entire process by generating relevant data and gain meaningful insights to the Letus advantage.

It is a difficult task to extract data and when sensitive data relating to banks, financial institutions, hospitals, etc., are stuck in it, nobody cares about it. With advanced computer vision algorithms, it is possible to extract information from bank statements and other documents. Natural language processing (NLP) techniques help extract information and also help in automated verification using digital channels. Artificial intelligence is no less than a saw for financial institutions, as it is a significant detail and document.

Analysis plays an important role in the investigation. Two types of analytics, i.e., advanced analytics and process analysis provide enough to simplify the investigation process. Speaking of advanced analysis, it manages the following:

  1. Network Analysis: Here is the relationship between individuals and organizations established.
  2. Emotion Analysis: Analysis is applied when records are differentiated based on voice, material etc. analysis. In addition, any suspicious reviews, articles, conversations, etc. can be effectively identified.
  3. It is easier than ever to detect discrepancies in transaction 4.data.

4. Using AI, it is also possible to identify undeclared units.

Process Analysis: What could be better than knowing how your processes are performing? The same process analysis is for you!

These tools and technologies can help investigate and manage fraud, but what is to be understood here is that this process is complex and comes up with its own challenges. A better understanding of these tools and techniques can help. With increasing fraud and crime in the world of technology, it is time for investigators to get the right AI tools and technology to deal with these situations.

Follow and connect with us on FacebookLinkedIn & Twitter

LEAVE A REPLY

Please enter your comment!
Please enter your name here