Internal fraud can take place at any level of organization. Fraud costs $3.7 trillion each year and nearly 75 % of the banking fraud is internal (ACFE, 2016). Even if a bank successfully wards of attackers, there is always the risk of insiders abusing the precious information they hold.

Machine learning and artificial intelligence (AI) create $1 trillion of change in the financial services industry. Likewise, the impact of machine learning and AI on fraud detection and prevention is tremendous.

Cyber fraud is projected to reach $6 trillion by 2021. While adoption of new technologies has created new channels to give customers a unique anytime anywhere banking convenience, the systems that banks depend on to deliver their services have multiplied and grown much more complex. Bridging the gap between adapting new digital technologies and keeping the systems secure has become one the biggest challenges for banks.