Spend on AI-Based Fraud Detection To Reach $10B in 5 Years: Juniper

Global business spending on AI-enabled financial fraud detection and prevention will exceed $10 billion globally in five years, up from $6.5 billion this year, said a Monday Juniper research study. AI-enabled fraud detection and prevention platforms use AI to monitor transactions and identify fraudulent transaction patterns, reducing fraud risks by blocking transactions in real-time, Juniper said. The ability of AI to recognize fraudulent payment trends at scale is critical to providing improved fraud prevention, it said.