Traditional fraud detection methods are resource-intensive and difficult to implement and maintain. Leveraging large language models (LLMs) offers a more efficient approach. LLMs can analyze vast amounts of data in real time, identifying fraud with less complexity. CIOs at SMEs should consider incorporating LLMs into their fraud detection systems to strengthen security while simplifying operations.
The continuous improvements in AI have led to their rise in use as a tool to commit insurance fraud. This causes insurance companies to lose money and increase premiums to cover the costs of paying out fraudulent claims. CTOs and cybersecurity leaders in the insurance industry must implement fraud detection methods to combat AI and deepfakes.