"According to the Office for National Statistics, there were 4.2 million fraud incidents in England and Wales for the year ending March 2025 (ONS). That's a massive 31% increase year-on-year. It's the highest number of fraud instances since the ONS records began in 2017. The issue is that online fraud is becoming so much more sophisticated than it ever was because of artificial intelligence. Fraud is more convincing than ever, so the strategy is emerging to use the same technology for detection and deterrence."
"Machine learning is a subset of AI. It uses complex algorithms that are essentially constantly learning from the data they're fed. It's infinite evolution and understanding. ML can easily adapt to almost limitless inputs - (see more about this subject on this webpage here - https://www.ovhcloud.com/en-gb/learn/what-is-machine-learning/ ) - including human instruction as well as datasets. In relation to fraud detection, companies are using ML by training it on patterns of fraudulent activity to detect future attacks."
"Fraud is more than dodgy phishing emails or spam calls. It's texts sent through the same messaging thread as legitimate bank texts, it's faultlessly mimicking customer behaviour, and it's using voice recognition and deep fakes. It's so advanced that it almost seems human. Traditional rule-based systems that simply flag a transaction aren't enough. The benefit of ML technology is that it's constantly learning and adapting - something humans can't do at the same speed."
There were 4.2 million fraud incidents in England and Wales for the year ending March 2025, a 31% year-on-year increase and the highest total since 2017. Online fraud is becoming far more sophisticated because of artificial intelligence and is increasingly convincing. A strategy is emerging to use AI and machine learning for detection and deterrence. Machine learning is a subset of AI that uses complex algorithms which constantly learn from data and can adapt to almost limitless inputs. Companies train ML on patterns of fraudulent activity to detect future attacks because traditional rule-based systems are insufficient.
Read at London Business News | Londonlovesbusiness.com
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