What is holding financial institutions back from adopting AI fraud detection?

According to a recently published PYMNTS article, financial institutions are proving slow to adopt artificial-intelligence powered fraud detection. Despite nearly two-thirds (63.6%) of financial institutions believing that AI-powered fraud detection is effective in reducing fraud, only 5.5% of FI’s have implemented AI-powered solutions. Within the PYMNTS article is a break-down of the various reasons FIs have for not pursuing AI implementation, and what percentage of FIs have these reasons. We have attached those reasons below, and followed them each up with the relevant qualities of Fraud.net.

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