"It's an unending, mathematical arms race between the authorities and the fraudsters," Chenxu Wang, lead author of the paper, emphasized regarding the ongoing challenge of combating financial fraud.
A PYMNTS report indicates that 62% of financial institutions with over $5 billion in assets have reported increased financial crimes, uncovering significant vulnerabilities in the banking sector.
Traditional fraud detection methods often rely on audits, which can struggle to differentiate between genuine success and manipulation, leaving many firms unchecked for periods.
Paul Wnek noted, "Common types of fraud include invoice fraud, vendor fraud, and payment fraud, illustrating the complexity and prevalence of fraudulent activities in businesses."
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