---
title: "Harnessing the Power of ML: Essential Use Cases for Fraud and Risk Leaders"
description: "Financial fraud is growing and it’s expensive. A mix of factors are combining to create a lower entry barrier for fraudsters and high-risk customers. This makes it imperative for financial services institutions (FSIs) to prevent fraudulent activity from occurring in"
canonical: "https://www.explorium.ai/resource/harnessing-the-power-of-ml-essential-use-cases-for-fraud-and-risk-leaders/"
last-updated: "2023-05-01"
---

# Harnessing the Power of ML: Essential Use Cases for Fraud and Risk Leaders

> Financial fraud is growing and it’s expensive. A mix of factors are combining to create a lower entry barrier for fraudsters and high-risk customers. This makes it imperative for financial services institutions (FSIs) to prevent fraudulent activity from occurring in

- Canonical URL: https://www.explorium.ai/resource/harnessing-the-power-of-ml-essential-use-cases-for-fraud-and-risk-leaders/
- Last updated: 2023-05-01

Financial fraud is growing and it’s expensive.

A mix of factors are combining to create a lower entry barrier for fraudsters and high-risk customers. This makes it imperative for financial services institutions (FSIs) to prevent fraudulent activity from occurring in the first place.
Implementing ML/AI tools to predict risk levels and the likelihood of fraud enables fraud and risk leaders to fight losses by successfully pre-screening applicants to avoid engagement with high-risk customers and/or fraudsters.
Here are three ways you can use ML to detect fraud and high-risk transactions early, before you move forward with ineligible applicants or fraudsters.