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OverviewAPI
Banks are progressively incorporating AI to combat escalating fraud, with a 65% rise in the average cost of fraud for FIs with assets over $5 billion in 2023. Scammers are leveraging AI to fabricate synthetic identities, while the FBI reported a $50 billion global loss from business email compromise scams from 2013 to 2022, with a $17 billion U.S. share. FIs are set to enhance their ML and AI usage to combat fraud.

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