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Three Reasons Traditional Machine Learning Can’t Stop Multi-Channel Bank Fraud

January 3, 2019

Financial institutions are learning the hard way what can happen when criminals get their hands on the latest technology. Gone are the days of robbing tellers at gunpoint; today’s sophisticated criminal networks and nation-states use machine learning and artificial intelligence to target institutions remotely, quietly and through many channels at once. They have figured out banks’ vulnerabilities and exploited them mercilessly through a combination of malware, ATM jackpotting, money mules, money laundering, e-payment/cryptocurrency fraud and more, stealing untold millions to finance terrorism and profit from human and drug trafficking.