CustomerXPs: AI-based Hybrid Approach to Banking Fraud Detection and Prevention

The use of hybrid fraud detection models to ensure high fraud detection rates with low false positives is a vital aspect of enterprise fraud management. A
‘hybrid’ fraud detection model comprises 4 primary techniques, viz. pre-packaged complex scenarios, behavior profiling, link analysis, and lastly machine learning based predictive risk scoring. These techniques are used to accurately risk score every transaction and to advise the right action of whether to approve, decline or challenge the