Companies and organizations are increasingly using AI to protect their customers and thwart the efforts of fraudsters around the world.
Voice security company Hiya found that 550 million scam calls were placed per week in 2023, with INTERPOL estimating that scammers stole $1 trillion from victims that same year. In the U.S., one of four noncontact-list calls were flagged as suspected spam, with fraudsters often luring people into Venmo-related or extended warranty scams.
Traditional methods of fraud detection include rules-based systems, statistical modeling and manual reviews. These methods have struggled to scale to the growing volume of fraud in the digital era without sacrificing speed and accuracy. For instance, rules-based systems often have high false-positive rates, statistical modeling can be time-consuming and resource-intensive, and manual reviews can't scale rapidly enough.
In addition, traditional data science workflows lack the infrastructure required to analyze the volumes of data involved in fraud detection, leading to slower processing times and limiting real-time analysis and detection.
Plus, fraudsters themselves can use large language models (LLMs) and other AI tools to trick victims into investing in scams, giving up their bank credentials or buying cryptocurrency.
But AI - coupled with accelerated computing systems- can be used to check AI and help mitigate all of these issues.
Businesses that integrate robust AI fraud detection tools have seen up to a 40% improvement in fraud detection accuracy - helping reduce financial and reputational damage to institutions.
These technologies offer robust infrastructure and solutions for analyzing vast amounts of transactional data and can quickly and efficiently recognize fraud patterns and identify abnormal behaviors.
AI-powered fraud detection solutions provide higher detection accuracy by looking at the whole picture instead of individual transactions, catching fraud patterns that traditional methods might overlook. AI can also help reduce false positives, tapping into quality data to provide context about what constitutes a legitimate transaction. And, importantly, AI and accelerated computing provide better scalability, capable of handling massive data networks to detect fraud in real time.
How Financial Institutions Use AI to Detect Fraud Financial services and banking are the front lines of the battle against fraud such as identity theft, account takeover, false or illegal transactions, and check scams. Financial losses worldwide from credit card transaction fraud are expected to reach $43 billion by 2026.
AI is helping enhance security and address the challenge of escalating fraud incidents.
Banks and other financial service institutions can tap into NVIDIA technologies to combat fraud. For example, the NVIDIA RAPIDS Accelerator for Apache Spark enables faster data processing to handle massive volumes of transaction data. Banks and financial service institutions can also use the new NVIDIA AI workflow for fraud detection - harnessing AI tools like XGBoost and graph neural networks (GNNs) with NVIDIA RAPIDS, NVIDIA Triton and NVIDIA Morpheus - to detect fraud and reduce false positives.
BNY improved fraud detection accuracy by 20% using NVIDIA DGX systems. PayPal improved real-time fraud detection by 10% running on NVIDIA GPU-powered inference, while lowering server capacity by nearly 8x. And Swedbank trained generative adversarial networks on NVIDIA GPUs to detect suspicious activities.
US Federal Agencies Fight Fraud With AI The United States Government Accountability Office estimates that the government loses up to $521 billion annually due to fraud, based on an analysis of fiscal years 2018 to 2022. Tax fraud, check fraud and improper payments to contractors, in addition to improper payments under the Social Security and Medicare programs have become a massive drag on the government's finances.
While some of this fraud was inflated by the recent pandemic, finding new ways to combat fraud has become a strategic imperative. As such, federal agencies have turned to AI and accelerated computing to improve fraud detection and prevent improper payments.
For example, the U.S. Treasury Department began using machine learning in late 2022 to analyze its trove of data and mitigate check fraud. The department estimated that AI helped officials prevent or recover more than $4 billion in fraud in fiscal year 2024.
Along with the Treasury Department, agencies such as the Internal Revenue Service have looked to AI and machine learning to close the tax gap - including tax fraud - which was estimated at $606 billion in tax year 2022. The IRS has explored the use of NVIDIA's accelerated data science frameworks such as RAPIDS and Morpheus to identify anomalous patterns in taxpayer records, data access and common vulnerability and exposures. LLMs combined with retrieval-augmented generation and RAPIDS have also been used to highlight records that may not be in alignment with policies.
How AI Can Help Healthcare Stem Potential Fraud According to the U.S. Department of Justice, healthcare fraud, waste and abuse may account for as much as 10% of all healthcare expenditures. Other estimates have deemed that percentage closer to 3%. Medicare and Medicaid fraud could be near $100 billion. Regardless, healthcare fraud is a problem worth hundreds of billions of dollars.
The additional challenge with healthcare fraud is that it can come from all directions. Unlike the IRS or the financial services industry, the healthcare industry is a fragmented ecosystem of hospital systems, insurance companies, pharmaceutical companies, independent medical or dental practices, and more. Fraud can occur at both provider and patient levels, putting pressure on the entire system.
Common types of potential healthcare fraud include:
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
02/05/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
01/04/2026
January 4 2026, 18:00 (PST) DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION
Douyin Users Can Now Create And Share Videos With Stun...
05/03/2026
Clear-Com has provided Gen-IC virtual intercom, its cloud-based voice communications system for SaxaVord Spaceport, the first fully licensed vertical launch s...
05/03/2026
The Hollywood Professional Association (HPA) concluded the 2026 HPA Tech Retreat, convening more than 800 industry leaders, technologists, creatives and executi...
05/03/2026
LynTec, a leading manufacturer of electrical power control solutions for professional audio, video, and lighting systems, today announced that its new Dual DMX ...
05/03/2026
Snicket Labs is pleased to announce a new distribution partnership with ES Broadcast for its award winning solutions, Match and Enrich.
Under the agreement, ES...
05/03/2026
LiveU today announced the first large-scale deployment of its AI-driven LiveU IQ (LIQ ) technology at a global, multi-venue sporting event, setting a new benchm...
05/03/2026
March is in full bloom, and that means a fresh wave of games heading to the cloud. 15 new titles are joining the GeForce NOW library this month.
Leading the Ma...
04/03/2026
Lega Basket Serie A (LBA), the governing body for Italy's premier basketball...
04/03/2026
Wrexham AFC co-chairmen Rob Mac and Ryan Reynolds will host a first-of-its-kind ...
04/03/2026
The countdown is underway and with just 100 days to go until the world's greatest sporting event begins on Thurs., June 11, FOX Sports, America's Englis...
04/03/2026
No matter where they are in the world, service members and veterans can stream N...
04/03/2026
Telemundo officially releases Somos M s, the anthem for the network's cove...
04/03/2026
The Hollywood Professional Association (HPA) concluded the 2026 HPA Tech Retreat, convening more than 800 industry leaders, technologists, creatives, and execut...
04/03/2026
Smith Entertainment Group transformed how local sports are consumed by creating ...
04/03/2026
The production method, which spans a distance of 36.2 miles, was designed and im...
04/03/2026
Haivision, a global provider of mission-critical, real-time video networking and...
04/03/2026
When Hugues Meyrath came out of retirement to take the helm as CEO of Quantum, i...
04/03/2026
Last week's launch of Banana Ball Championship League has spurred a significant upgrade of production facilities
The Savannah Bananas, arguably the hottest...
04/03/2026
sldkfjsdlfkjsldkfjsldkjfslkdjfslkdjfsl
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus...
04/03/2026
For many fans, a song's backstory can be just as compelling as the final pro...
04/03/2026
In 2006, Spotify was founded on the belief that technology could bring artists a...
04/03/2026
Spotify is back on the ground for the Houston Livestock Show and Rodeo, and we&#...
04/03/2026
Spotify had an energizing week in Sydney, Australia, filled with powerful conver...
04/03/2026
Earlier this year, we launched Directed By, a documentary-style series that pull...
04/03/2026
100 Days to Go: SBS Unveils World Class Team for The Greatest Show on Earth -The...
04/03/2026
KT and Rohde & Schwarz to showcase AI-enhanced radio transmission performance In a joint 6G AI proof-of-concept demonstration, the CMX500 one-box tester from ...
04/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
04/03/2026
Luxembourg, 3 March 2026 - SES S.A. has today published its 2025 Annual Report, following the announcement of the company's full year financial results for ...
04/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
04/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
04/03/2026
Luxembourg, March 3, 2026 - SES, a leading space solutions company, along with I...
04/03/2026
04 Mar 2026
VEON Partners with GSMA Innovation Fund to Accelerate Digital Innov...
04/03/2026
04 Mar 2026
VEON's Beeline Uzbekistan and Rakuten Symphony Partner for Open...
04/03/2026
Wednesday 4 March 2026
Sky Sports unveils plans for 2026 Formula 1 coverage
Sky Sports is preparing for one of the most highly anticipated F1 seasons in recen...
04/03/2026
Back to All News
Bloodhounds' Season 2 Gears Up for April 3 Premiere with ...
04/03/2026
Back to All News
Netflix Ads Suite Expands Capabilities
Business
04 March 2026
GlobalUnited States
Link copied to clipboard
After launching the Netflix Ad...
04/03/2026
Scripps Research welcomes healthcare innovator Joe Kiani to the Board of Directors Kiani brings decades of experience in patient safety and public service.
Mar...
04/03/2026
Nanoparticle vaccine approach takes on a new target: Hepatitis C virus Scripps Research scientists reengineer critical proteins on the surface of HCV, paving th...
03/03/2026
Beyond Sports, a Sony group company, and LIV Golf, the world's golf league, ...
03/03/2026
Ilitch Sports + Entertainment announces the launch of Detroit SportsNet (DSN), a year-round broadcast home for two of Detroit's franchises. With flexible op...
03/03/2026
Advanced Systems Group, LLC (ASG), a technology and services provider for media ...
03/03/2026
The PGA of America, NBC Sports and USA Sports extend their media rights agreemen...
03/03/2026
AI device ecosystem company HONOR enters into a strategic technical collaboratio...
03/03/2026
Cleveland's Telos Alliance, pioneers in broadcast technology for 30 years, l...
03/03/2026
The MD 9235 microphone head for wireless handhelds has been a firm favorite with many engineers and artists for its ability to cut through high on-stage levels ...
Companies and organizations are increasingly using AI to protect their customers and thwart the efforts of fraudsters around the world.
