Build or buy your own fraud solution?
The key considerations
As data custodians, companies have a duty of care to protect their customers and face immense backlash if that care is compromised.
According to IBM’s 2021 global report, the cost of data breaches is at its highest. For companies, average costs are $4.24 million per incident. Where remote workers were involved, breaches cost over $1 million more than those without ($4.96 vs. $3.89 million). More tellingly, 44% of all breaches were due to stolen user credentials.
Given the speed and development of security threats, outdated technology will pose unacceptable risk. The only serious option for organisations serious about future security and the well-being of both their customers and their own businesses is AI.
Over one-third of businesses are already using AI in some manner, and 43% are investigating AI, according to IBM’s 2021 survey. Going forward, business automation is paramount and with AI becoming more accessible and acceptable, implementation is inevitable.
But did you know there are several areas where organisations fail when it comes to implementing AI?
One major problem is the absence of an enterprise-wide strategy. Implementing an AI system into an already working system is tough. There might also be inadequate structure and environment for the new system to integrate with the existing systems.
From an organisational perspective, there is also a current lack of understanding around AI on how it can be aligned and implemented. Organisations may not be asking the right questions or on the right track, which means wasted time and effort. There is also a need to ensure that the AI is reliable, trustworthy and safe for consumer use, especially with ongoing discussions around policies and regulations.
When coming to this and deciding whether or not to buy or build, this is the question for companies to consider.
With that in mind, ADVANCE.AI is here to step in. ADVANCE.AI helps to promote digital transformation, prevent fraud and process automation for enterprise clients. It offers cost-effective digital identity verification, video identification, joint modelling, credit insights and fraud intelligence solutions.
Discover exactly how you can fight fraud and change the way you operate by reading more in our report.
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