Skip to content

GAVS – Global IT Consulting

Menu
  • Platforms & Products
    • Platforms & Products

      GAVS’ products will help change how you organize your IT Operations, bring meaningful and actionable insights to speed up network fixes, provide real data as quantifiable justification to adopt strategies that foster business improvements.

      • ZIF
      • Products
        • zDesk – Remote, Secure Desktop-as-a-Service (VDI+)
        • zIrrus
        • GTOps
        • TruOps
        • Close
    • Products & Platforms
      • Reimagining your Digital Infrastructure with Zero Incident FrameworkTM

        Read more
    Close
  • Services & Technologies
    • Services & Technologies

      GAVS is a global IT services provider with focus on AI-led Managed Services and Digital Transformation. GAVS’ AIOps platform, Zero Incident Framework ™ (ZIF), enables proactive detection and remediation of incidents and increases uptime, helping organizations drive towards a Zero Incident Enterprise™ . GAVS has transformed IT Enterprise delivery through ZIF’s Discover, Monitor, Analyze, Predict, and Remediate modules, to optimize business services continuity.

      • Digital Services
        • Auto Discovery and Dependency Mapping
        • Cloud Enablement
          • Cloud Advisory and Transformation
          • Close
        • Automation
        • Blockchain
        • Close
      • Cyber Security Services
        • Assessment & Advisory
        • Identity & Access Management (IAM)
        • Managed Detection & Response (MDR)
        • Managed Security Services (MSS)
        • Security Automation
        • Risk & Compliance
        • Close
      • Data Privacy Services
      • Consulting & Implementation Services
        • Cloud Advisory and Transformation
        • Data Center Assessment
        • Data Center-as-a-Service (DCaaS)
        • Infrastructure re-engineering
        • Data Center Consolidation & Migration
        • Close
      • Application Services
      • Enterprise Support Services
        • Managed Infrastructure Support
        • Remote Infrastructure Monitoring
        • End User Monitoring
        • Close
      • Microsoft Services
    • Services &Technologies
      • Reinforcement Learning- The Art of Teaching Machines

        Read more
    Close
  • Industries
    • Industries

      GAVS Technologies focuses on serving various industry verticals in their digital transformation through infrastructure solutions, adopting innovation and technologies in different domains. We offer services and solutions aligned with technology trends to enable enterprises to take advantage of futuristic technologies like DevOps, Smart Machines, Cloud, IoT, Predictive Analytics, Managed Infrastructure Services, and Security services.

      • Industries Overview
      • Healthcare
      • Banking & Financial Services
      • Manufacturing
      • Media & Publishing
    Close
  • Inside GAVS
    • Inside GAVS

      GAVS is a global IT services provider with focus on AI-led Managed Services and Digital Transformation. GAVS’ AIOps platform, Zero Incident Framework™ (ZIF), enables proactive detection and remediation of incidents and increases uptime, helping organizations drive towards a Zero Incident Enterprise™ . GAVS has transformed IT Enterprise delivery through ZIF’s Discover, Monitor, Analyze, Predict, and Remediate modules, to optimize business services continuity.

      • About Us
      • Client Speak
      • Alliances & Partnerships
      • Leadership Team
      • Social Responsibility
      • Events
      • Locations
      • Contact Us
      • Press Releases
      • Media Mentions
      • Awards and Recognitions
      • In Memoriam
      • Covid Care
    Close
  • Insights
    • Insights

      We bring you discerning insights on technology trends, innovation and organization culture, thru our collection of articles, blogs and more. Insights reflects our passion in driving advancements as we move forward creating new paradigms in business and work culture. You would find our thoughts on a variety of topics ranging from evolving technologies and ways it affects businesses and lives, transformational leadership, high impact teams, diversity, inclusion and much more.

      • Blogs
      • Articles
      • White Papers
      • Brochures
      • Videos
      • Case Studies
      • enGAge Magazine
    • insights
      • Seven Tips for Leading IT Modernization and Digital Transformation

        Read more

    Close
  • Work With Us
    • Work with us

      What it means to be a GAVSian?

      If you rate high on our SWAT test (Smart, Hardworking, Articulate, Technologically curious), GAVS’ hiring profile, we promise you excitement, inspiration and the freedom to succeed in our flat organization. Being a GAVSian, you would represent our cutting edge in technological advancement while we help you hone yourself into the person you aspire to be. That’s the level of personal interest we invest in you.

      • Career with GAVS
      • Company Culture
      • Diversity @ GAVS
      • Building a respectful workplace
    Close
Back to blogs

Can AI Really Help Fight Financial Fraud

Sep 30, 2021
  • ai devops automation service tools
  • aiops artificial intelligence for it operations
  • aiops digital transformation solutions
  • best ai auto discovery tools
  • Best AIOps Platforms Software
  • it operations management software
SHARE

In this blog post

  • Can AI Really Help Fight Financial Fraud

Can AI Really Help Fight Financial Fraud

Advancements in technology led to these financial institutions implementing new software applications to process transactions. However, fintech solutions are still far away from completely protecting financial activities and preventing fraud. The use of AI tools can provide protection to payment gateways and initiate early detection of potential fraud.

Identification of Financial Fraud with AI

Financial fraud needs to be predicted and eliminated even before it becomes an actual threat. AI tools, through the application of machine learning and specific algorithms, can protect money transfer systems and monitor financial activities. In recent times, banks have transferred their processes to completely digitized systems and are relying on new forms of technology to prevent fraudulent activity. AI can identify financial fraud and prevent them from compromising the safety of banking services in the following ways:

  • A network of stakeholders involved in financial services is analyzed. The analysis reveals variables that can be monitored to understand when fraud can be committed.
  • AI tools can analyze specific words present in a financial transaction. This is known as “natural language processing”. The metrics received after analyses can be used to calculate the probability of it being a fraudulent transaction.
  • If several frauds have occurred in the past, certain patterns can be observed. Establishment and analysis of these patterns cannot be done by manual processes as that would increase the chances of human error. AI can efficiently analyze these past frauds. The insights obtained from historical data on past frauds can be applied to real-time transactions. This makes it easier to accurately predict if these transactions can be fraudulent.

The accurate prediction of fraudulent financial transactions is based on analyzing patterns in data. Automated processes can do within a very short period and without any human intervention.

The application of AI allows banks and financial institutions to involve the usage of cyber security and compliance services. These services protect user information, availability of sensitive data, confidentiality, and integrity of the institutions. Cyber security compliance is enacted by regulatory authorities like a law firm or an industry group. Compliance is necessary to establish that the financial institution is investing in systems that are according to all security regulations. These services also protect the interests and assets of the bank in the event of a security breach of fraudulent transactions. Client information and banking days stay protected through AI security tools.

How can AI stop accounts payable fraud?

Accounts payable departments are often targeted by scammers because the protection for these is limited. When the payments are processed, the channels lack security making them vulnerable to third-party attacks and theft. According to a report by the Association of Certified Fraud Examiners (ACFE), most companies lose approximately 5% of total revenue due to accounts payable fraud. Such fraud can be of various types:

  • Vendors Sending False Invoices

Most businesses work with numerous vendors to create and supply products. These purchases are part of everyday activities and after a while companies may choose to not conduct any further checks with the vendors or suppliers. Since these are routine payments, they are done through usual gateways that do not have multiple layers of security. However, this also increases the risk of fake vendors. These vendors create false invoices and if the company does not conduct regular inspections, it is very difficult to detect them. The fraud continues and is only identified after a significant amount has been lost.

  • Overpayment

Often vendors take advantage of the lack of protection on accounts payable and bill for more items that are actually purchased. If the bills are processed manually, these additions are bound to go unnoticed. Companies unknowingly pay vendors more money and the fraud continues for quite some time. There may even be multiple copies of the same bill that are paid by different employees.

To avoid such fraud, human processes need to be eliminated. It is difficult for employees to process such large volumes of data without making a mistake. Once the errors add up, the fraud can be too extensive to recover from. To prevent accounts payable fraud, businesses need to invest in IT Automation with AI. Processing of all kinds of data is automated and machine learning is used to analyze and initiate responses. If the payments are automated, there is a minimum chance of any financial fraud going unnoticed.

Understanding AI Use Cases in Financial Security

AI can be used for the detection of anomalies in regular activities like financial transactions. It can also be used to develop security analytics that can predict future outcomes accurately. AI tools are capable of augmenting existing cyber security features. Several companies outsource security services. They use cyber security MDR services or Management Detection and Response to protect financial data and sensitive information. These services are able to monitor and assess threats to the entire organization.

There are companies that use technology other than AI for the analysis and prevention of financial fraud. But these software solutions are not as advanced as AI tools. With the use of security analytics and data automation, AI can find even minor threats. All threats are prioritized so that the immediate ones can be addressed first to eliminate chances of financial fraud. While AI is able to find more threats, it can also reduce false alerts. Financial institutions often spend a lot of resources trying to detect potential fraud that later turns out to be a false claim. With AI, such issues are resolved. Detection of fraud is quicker through machine learning. A combination of manual processes and technology can slow down the process of identification and elimination of threats. Implementation of AI solutions can detect potential fraud quicker and assign an appropriate response to it.

Conclusion

If elementary processes are used to protect financial institutions, then it will be very difficult to prevent the evolving forms of fraud. This is why AI automation and machine learning are necessary. Such technological solutions are capable of adapting and can modify existing methods of fraud detection depending on the security requirements of a particular bank or organization. Since no other method can predict fraud and adapt to the nature of the fraud, AI is essential for fighting financial fraud.



Automation for MSPs
Understanding the necessity of Automation for MSPs
Read More
Imposter Syndrome at Workplace
You Deserve This! – Dealing with Imposter Syndrome at Workplace
Read More
Sustaining Competitive Advantage
Sustaining Competitive Advantage
Read More
GAVS – Global IT Consulting

Copyright © 2022, GAVS Technologies.

  • Privacy Policy
  • Cookie Policy
  • Terms of use
  • Contact Us
  • Platforms & Products
    • Platforms & Products
    • Products
      • Zero Incident Framework ™
      • Products
      • zDesk – Remote, Secure Desktop-as-a-Service (VDI+)
      • GTOps
      • TruOps
      • zIrrus
  • Services & Technologies
    • Services & Technologies
    • Digital Services
      • Digital Services
      • Auto Discovery and Dependency Mapping
      • Cloud Enablement
        • Cloud Advisory and Transformation
      • Automation
      • Blockchain
    • Data Privacy Services
    • Cyber Security Services
      • Cyber Security Services
      • Risk and Compliance
      • Security Automation
      • Managed Security Services (MSS)
      • Managed Detection and Response (MDR)
      • Identity and Access Management
      • Assessment and Advisory
    • Consulting & Implementation Services
      • Consulting & Implementation Services
      • Cloud Assessment & Advisory
      • Data Center Assessment
      • Data Center-as-a-Service (DCaaS)
      • Infrastructure re-engineering
      • Data Center Consolidation & Migration
    • Application Services
    • Enterprise Support Services
      • Enterprise Support Services
      • Managed Infrastructure Support
      • Remote Infrastructure Monitoring
      • End User Monitoring
    • Microsoft Services
  • Industries
    • Industries Overview
    • Healthcare
    • Banking & Financial Services
    • Manufacturing
    • Media & Publishing
  • Inside GAVS
    • Inside GAVS
    • About Us
    • Industries
    • Client Speak
    • Alliances & Partnerships
    • Leadership Team
    • Social Responsibility
    • Events
    • Find us
    • Reaching us
    • Press Releases
    • Media Mentions
    • Awards and recognitions
    • In Memoriam
    • Covid Care
  • Insights
    • Insights
    • Articles
    • Blogs
    • White Papers
    • Case Studies
    • Brochures
    • Videos
    • enGAge Magazine
  • Work with us
    • Work with us
    • Career with GAVS
    • Company Culture
    • Diversity @ GAVS
    • Building a respectful workplace

Schedule a Demo