Internal fraud can take place at any level of organization. Fraud costs $3.7 trillion each year and nearly 75 % of the banking fraud is internal (ACFE, 2016). Even if a bank successfully wards of attackers, there is always the risk of insiders abusing the precious information they hold.
Machine learning and artificial intelligence (AI) create $1 trillion of change in the financial services industry. Likewise, the impact of machine learning and AI on fraud detection and prevention is tremendous.