Frauds and financial crimes are becoming increasingly complex and sophisticated, as criminals use advanced technology to bypass all defense mechanisms. Institutions on the other hand face challenges around data and platform fragmentation, intensive manual effort and several others in preventing and detecting such frauds. There are big benefits of using data driven, AI/ML and advanced tech powered tools in this fight. From behavioral analytics in device authentication to ML based suspicious transaction pattern detection, network graphs for entity resolution and fraud linkage discovery, there are many more uses of AI, ML and emerging technologies in fighting financial frauds. These technologies, used right by organisations, can make the fight against financial frauds more effective, protect consumers and prevent financial losses.