78% of global businesses using AI to combat fraud

Global business and technology leaders are already seeing benefits from the use of AI and automation, with over three-quarters (78%) reporting measurable improvements in the ability to detect fraud and manage risk after their organisation’s integration of the technology, according to research by FIS in collaboration with Oxford Economics.

To combat this disharmony, businesses across a range of industries are adopting AI, with 56% of the leaders surveyed reporting that their firms are either scaling or fully implementing AI to support financial processes. Encouraged by early results, particularly in fraud mitigation, nearly half of the businesses surveyed are planning to double down: 45% of respondents say their firm intends to increase their investment in AI over the next two years, signaling strong, long-term confidence in the technology’s value.

Yet barriers to AI adoption remain. High implementation and maintenance costs are the top concern, cited by 73% of respondents, while 64% say there is a lack of in-house expertise and a further 58% report difficulty integrating the technology with existing systems. These financial and strategic challenges are preventing broader integration of AI across organizations, despite interest in using AI and growing awareness of its potential, according to the study.

Firdaus Bhathena, Chief Technology Officer at FIS, said “As threat actors adopt AI to commit fraud, it becomes increasingly important for businesses to employ AI to combat these sophisticated threats across the money lifecycle to help drive efficiency and bolster security. While AI can have benefits, challenges in adoption such as financial and leadership hurdles are slowing down scalability despite optimism, based upon early uses in areas like fraud detection.”

“Ultimately, overcoming these barriers and harnessing AI’s potential requires strategic investment, rigorous cybersecurity, empowered employees and strong leadership, it’s about moving from acknowledging AI’s value to embedding it into the fabric of daily business operations.”