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AI and Fraud Detection - Hope, Hype of Horror?
Nigel Krishna Iyer

In this Fraud Intelligence article, published in June 2023, Keith Nuttall infers, that fraud detection “ChatGPT-style” let loose on massive data, is a premature pipe dream at best, a dystopian nightmare at worst. Rather than the magic AI-cure, what we have is noise, false positive and even dangerous aspersions. A concerned and seasoned Fraud Practitioner with a recent PhD in Fraud states in the article “where is this all leading?”What works well already now is a tried and trusted expert system. Our own myB4 is one example and it embodies years of Fraud Detective experience enhanced by computing power and logic, applied to slim and certain financial data.  Expert systems often provide smart insights and few false positives but give us the final say. They let us to verify the accuracy of what they are telling us so we can confidently take the next step.