AI fraud detection

We have been in a trend reversal of people's shopping behaviour for some time now. E-commerce (trading via the internet) is booming. Global retail e-commerce sales are projected to double from 2019 (US$ 3351 billion) to 2025 (US$ 7391 billion) (source: Statista). Detecting fraud in this dynamic and globalised business environment is made more difficult by the overwhelming amount of traffic. Already today, the damage caused by online fraud is estimated at 600 billion euros, or 0.8 per cent of the world's gross domestic product. There is thus a great need for action. The application of artificial intelligence methods has emerged as an important tool for detecting and preventing financial crime.