In “GenAI-Enabled Fraud: Fighting Fire with Fire” (Financier Worldwide Magazine, September 2024), Joanne McNaul discusses ways in which generative artificial intelligence (GenAI) technology can be used to help detect and prevent fraud. “Organizations can build ‘reinforcement’ learning into their existing or new GenAI solution to adapt fraud detection rules dynamically, based on real-time feedback,” Joanne suggests. “Building in external data, such as IP reputation databases, will enrich the dataset and improve model performance.”
Although many organizations are hesitant because they recognize that this technology can be either friend or foe, Joanne explains: “GenAI can be a ‘friend’ when it is widely understood, regularly monitored and tested via robust model validation controls. Appropriate governance is also fundamental to making sure that its performance is regularly reported. Training is key for all staff involved in any of the processes, as well as the departments that use GenAI to support their ‘day job.’”
Read the Financier Worldwide article.
