As payments and fraud prevention become more complex, artificial intelligence will play a key role in creating a frictionless, safe experience for consumers. As financial products and services are increasingly embedded and delivered through new platforms, there’s more opportunity than ever for bad actors to exploit the system and commit fraud. But as the conversations […]
Tag: AML
Google Cloud wants banks to embrace artificial intelligence for flagging fraud. The company just released a new tool that does away with rules-based systems for AML compliance in favor of an AI-generated risk score based on a bank’s historical data. In a typical system, 95% of alerts for review turn out to be “false positives,” […]
By using an AI-powered bot to collect, combine, and summarize information, fraud investigators can more efficiently weed out false flags and compile reports for actual criminal issues. Startup SymphonyAI just launched a new tool to aid financial firms’ criminal investigations. Big FinServs have started to inject artificial intelligence into outdated know-your-customer and anti-money laundering processes […]
While money mule accounts don’t generate direct losses for banks, they can still have negative impacts, including maintenance costs and regulatory scrutiny. Banks should take advantage of advanced analytics and diverse data (including dark web intelligence) to help protect themselves. Money mules – people who receive and move money stolen from fraud victims – are […]
As threats rachet up, banks’ fraud investigation teams need to lean on AI-powered tools to help them more efficiently prioritize high-risk issues. Citi Ventures and S&P Global just contributed to the $23 million funding round of Quantifind, a risk management startup that counts four of the world’s largest banks among its customers. Quantifind uses AI […]
Recent news highlights why financial institutions need to revamp their compliance culture to be real-time and continuous – or face the consequences. Fraud protection is already hijacking headlines in 2023: Both PNC and JPMorgan are facing lawsuits that blame them for their customers’ fraud losses through insider threats or phished credentials, while Coinbase agreed to […]