Artificial intelligence in fraud detection

Artificial intelligence is used by many different businesses and organizations. It is widely used in the financial sector, especially by accounting firms, to help detect fraud. In 2022, PricewaterhouseCoopers reported that fraud has impacted 46% of all businesses in the world. The shift from working in person to working from home has brought increased access to data. A 2022 report by the FTC (Federal Trade Commission) shows that consumers reported nearly 5.8 billion dollars in fraud in 2021, a 70% increase from the previous year. A majority of these scams were online shopping frauds, along with imposter scams. rdf:langString