This industry brief examines how AI and machine learning are reshaping fraud risks and defenses in financial services. Attackers can use generative AI, deepfakes, automated botnets, and behavioral analysis to strengthen phishing, business email compromise, account takeovers, and invoice fraud. Defenders can apply the same technologies to detect unusual behavior, identify weak points, prioritize suspicious activity, and stop fraud earlier. The brief recommends stronger data visibility, risk-based scoring, cross-team collaboration, and breaking down data silos. Splunk’s Machine Learning Toolkit can detect atypical transaction patterns and suspicious entities, while a featured digital bank used Splunk to maintain a 0.001% fraud rate while processing 4,000 daily transactions for 50 million cus

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