See Immense Savings with Better Fraud Detection NVIDIA and VMware’s enterprise solution allows firms to utilize AI to revamp their approach to many key business drivers. With online fraud losses expected to reach $48 billion annually by 2023, improved fraud detection and prevention is the top use case for AI in the financial services industry. Over 30 percent of firms in NVIDIA’s 2022 survey reported investments in transaction and payment fraud prevention, making it a priority across banking and fintech—one that often provides the quickest ROI. NVIDIA GPUs are essential to driving inference speeds in machine learning (ML) models that comb through troves of data. The models scan incoming digital payments in real time to compare them to those of a baseline user, finding anomalies that could signal fraud and may go unnoticed by non-AI systems. In general, AI can achieve 90 percent accuracy in fraud detection models and reduce the time spent on case reviews by a third. AI apps are also beneficial for creating efficiencies and reducing compliance costs related to anti-money laundering (AML) regulations and know-your-customer (KYC) initiatives. Firms’ investments in AI related to AML and KYC grew by 300 percent from 2021 to 2022. Potential reduction in false 80% positives from AI-powered fraud detection Realizing the Potential of AI in Financial Services | 4