Financial Technology

AI Redefining Financial Services: Natural Language Processing for Fraud Prevention

By NVIDIA

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Overview

2020 saw 70.3 billion real-time payment transactions processed globally, an increase of 41% compared to the previous year. This spike in transactions has presented a ripe opportunity for criminals to expand their fraudulent activities like identity theft, chargeback fraud or account takeovers. More than $1 trillion was stolen in 2020 by cybercrime.

Natural Language Processing (NLP) is a form of artificial intelligence that enables computers to process text and speech, interpret the meaning of words, sentences and paragraphs in context. NLP can extract signals from chat/voice/IVR interactions and use them for fraud detection across areas like Know Your Customer, Anti-Money Laundering, Virtual Assistants and Chatbots and Robotic Process Automation.

Read how leading financial institutions such as American Express, BNY Mellon, PayPal and Swedbank and Hopsworks are using NLP for protection against fraud.

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