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Artificial Intelligence (AI) is having a huge impact on many industries, enabling us to go about our business in a more efficient and intelligent manner. According to the FTC, there were 2.8 million fraud reports submitted by customers in 2021, representing an increase of almost 27 percent when compared with 2020. The FTC has reported identity theft as the most common type of complaint consumers lodge. Identity theft has a massive impact on both financial institutions and their customers. By evaluating past data, AI is able to make recommendations regarding credit offerings and loans, as well as running verification checks.