Financial crime is in a surge and in this scenario no doubt that financial institutes can predict the chances of crime in advance that can reduce their exposure to it. It is easier to say but we must not forget that cybercriminals are also very advanced nowadays and they apply new technologies. This means banks need innovative techniques to stop them. Additionally, there are regulatory changes that banks must comply with while preventing cybercrime. Machine learning is an excellent way to provide flexibility that also manages operational costs of fraud and money laundering detection and prevention. To understand the benefits machine learning provides, it is necessary to understand the particular challenges that fraud and money laundering detection present to financial institutions. Read more..
Application of Machine learning for Financial institutions
