Key Takeaways:
- AI-driven security solutions evolve continuously, adapting to emerging threats by learning from errors and improving detection capabilities
- Strategic adoption of AI security fraud prevention is vital for optimizing workflows and safeguarding your business’ data and reputation.
In 2023, reported fraud losses surpassed $10 billion. In the first quarter of 2024, consumers lost $20 million to one type of scam alone.
According to Thomson Reuters, these figures are only expected to increase.
Criminals are using AI more frequently to conduct more sophisticated attacks, highlighting the need for advanced AI-driven security solutions to detect, prevent, and respond to fraud in real time.
In our interview, Miranda Hartley, Marketing Executive at Evolution AI, shares how AI is changing fraud detection and security strategies for businesses worldwide.
Who Is Miranda Hartley?
Miranda is a marketing executive at Evolution AI, a leading firm specializing in AI-driven data extraction. She also co-organizes the London Machine Learning Meetup, Europe's largest AI community. With a background in copywriting and B2C & B2B marketing, Miranda graduated with a first-class degree in English from the University of Edinburgh, which is ranked in the top 10 for English by the QS World University Rankings (2022).
Miranda says fraudulent activities are constantly evolving, with generative AI expected to increase fraud by 32% by 2027. AI-driven scams include deepfake documents, realistic fake emails, and identity theft at an unprecedented scale.
“In terms of AI, the primary issue across all these industries is the rise of AI. It’s clear that traditional security measures can no longer protect organizations from the wave of fraud. Using AI-driven data tools is one effective way to pare down the fraud statistic.
By analyzing large volumes of transaction data, machine learning algorithms can identify anomalies. They can then automatically action responses like freezing accounts, flagging outliers for human review and so on.”
While AI and machine learning technologies may represent a step change for all organizations, Miranda cautions against businesses operating outdated technologies.
By automating data extraction, Evolution AI minimizes human error as manual data entry poses the risks of misfiled credentials, unencrypted data storage, and accidental data leaks.
Doing so removes the potential for human error from the equation. Automating data processes also frees up teams to focus on developing anti-fraud strategies.
For example, automating data extraction resulted in major time savings for the Royal Bank of Scotland (RBS), she adds.
“Evolution AI worked with RBS (part of the NatWest Group) to automate Know Your Customer (KYC). RBS selected Evolution AI due to our experience working in highly regulated environments. By automating data extraction from KYC documents, Evolution AI saved the bank 100,000 to 200,000 manual hours per year.”
Similarly, Evolution AI also improved operational efficiency for DF Capital Bank and Fitch Solutions:
“Our AI-driven data extraction technology reduced invoice extraction time from 20 minutes to 30 seconds for DF Capital Bank. Likewise, our technology cut monthly report extraction time from 30 minutes to 2 minutes for Fitch Solutions.”
This level of automation not only improves efficiency but also sets the stage for AI-driven fraud detection systems that learn from errors, adapt in real time, and strengthen data security with every interaction.
The Future of AI-Driven Security
Companies can look forward to various benefits when adopting AI-driven fraud detection systems.
One key benefit of genuine AI is that it continuously improves, Miranda points out:
“If a user flags an error, it will never make the same mistake again. As AI-driven fraud becomes more sophisticated, you can expect AI-powered security measures to evolve accordingly, enhancing data protection.”
On top of that, growing organizations could leverage AI as a huge asset:
“Let’s say, for instance, that you wanted to install an AI-driven KYC monitoring system. A traditional system would likely struggle to keep up with increased KYC document volumes.
However, AI, if packaged in a scalable cloud solution, can read a large volume of KYC documents without compromising security (or speed or accuracy).”
What does data extraction *mean* - literally, philosophically and technically? Our latest article explains all.https://t.co/3mNGDdJTJXpic.twitter.com/TPzPpuRoQ3
— Evolution AI (@EvolutionAI) January 21, 2025
Adopting AI-driven security tools is crucial for businesses looking to bolster their fraud prevention strategies.
This includes using specialized tools to facilitate automated operational tasks like data extraction. Tools specialized for financial contexts will have watertight security protocols — unlike publicly available AI virtual agents.
“If you’re unsure about the data security of a particular AI technology vendor, don’t be afraid to ask them about their ISO certifications, data encryption and data loss prevention (DLP) policies. Usually, if the vendor has worked with banks, they’ll have the strictest security protocols,” Miranda advises.
Another point to consider is working with a vendor who is committed to continuous improvement.
“As AI technology surges forward - both in terms of security measures and performance - you don’t want to be allied with a vendor that will leave you behind. Again, ask them about their technology’s ongoing projects and updates.”
At the same time, adopting security measures should be strategic to safeguard both your data and your company's future:
“When it comes to protecting your data and operations, the need to install protocols in a timely manner shouldn’t mean rushing into hasty decisions. Ultimately, securing your data carefully means securing your company’s future success.”
As AI-driven security tools grow more sophisticated, their role goes beyond fraud prevention — they’re reshaping how businesses handle data.
Miranda believes the next wave of innovation will focus on adaptability, efficiency, and seamless integration, making data extraction faster and more intuitive than ever.
“We’ll likely start to see the rise of configurable outputs, where companies can seamlessly adjust the extracted and structured data from financial documents. Now, we're beginning to see solutions that tackle even the most structurally complex documents, such as financial statements.
The traditional limits of data extraction technology are becoming obsolete, and businesses can expect specialised AI data extraction tools to become more cost-effective, easily integrated and faster.”
AI-driven security tools are evolving to prevent fraud and boost efficiency.
Embracing these intelligent solutions helps companies stay ahead of evolving threats, minimize financial losses, and build a future where security and efficiency go hand in hand.
