Companies using Artificial Intelligence and How

Lemonade, an insurance provider, demands claimants to post a video detailing their loss. However, when the upstart insurer revealed on Twitter earlier this year that Artificial Intelligence examines these videos for “non-verbal indicators” that could indicate fraud, it received a flood of angry tweets. In the space, digital technologies can be used in a variety of ways. They vary from the conceivably useful but troublesome to the completely useless and problematic.

The Lemonade incident underscores both corporate America’s increased investment in detecting lying and fraud, as well as the possibility for backlash if specifics of such technology are made public. Companies are spending ever-increasing amounts on fraud detection behind the scenes. According to a recent analysis by market research firm Grand View Research, the global fraud detection and prevention industry was valued almost $21 billion in 2020, with that amount predicted to rise to more than $62 billion by 2028.

Top industry officials claimed that some limited lie detection works, including as matching your voice to past calls to avoid fraud, in more than a dozen interviews for this piece. When you contact a corporation, such technology determines who you are and whether you are who you say you are. Many experts, though, question that similar technology can go beyond authenticating your identification and determining whether or not what you’re saying is real.

Despite these reservations, numerous companies are working to develop technology that can identify fraud, dishonesty, or purpose by analysing your voice, eye movements, body language, or even your “digital body language” (how you use your mouse and keyboard). Another firm, ForMotiv, promotes a Digital Polygraph that measures a user’s Digital Body Language and predicts their genuine purpose in real time using machine learning, Artificial Intelligence, and predictive behavioural analytics.