Ivan Koh’s Post

Giants of the financial industry are shaping the future of payments fraud detection by leveraging generative AI. This technology is revolutionizing payment security by pinpointing anomalies and mapping transaction networks. However, despite its potential, the adoption of generative AI for fraud detection faces a complex web of technical, ethical, and regulatory questions that need to be addressed. #Finance #AI #FraudDetection #PaymentSecurity #fraud #payment #payments #fintech #fintechs #processors #payfacs #banking

Want to learn more about the future of preventing fraud in payments? Join The Banker and Red Hat webinar on 16th July: "'Combatting payment fraud with AI". You can register using the link: https://shorturl.at/ln2H1. Chalapathy Neti, Head of the AI CoE at Swift, will be talking about how Swift is enabling industry wide collaboration to tackle economic crime collectively. "It takes a network, to fight a network". Swift, The Banker, Red Hat, #TBCombatFraud, Tom Zschach, Chalapathy Neti, Francisco Curbera, Nick Kerigan, Sajjad Khan, Amit Mahajan, Serge Ioanidis, Brigitte De Wilde, Mike Ninov

The RBI's new AI tool MuleHunter.ai feels like a much-needed wake-up call in the fight against digital frauds. Digital frauds are growing faster than we can react, and it’s impressive to see AI being used proactively to tackle this issue. MuleHunter.ai doesn’t just react to problems—it predicts and prevents them by analyzing patterns and catching risks in real-time. For me, this isn’t just about tech—it’s about trust. As we shift more towards digital transactions, tools like this can restore confidence and protect everyone in the system. 👏 #digitalfraud #aiinbanking #fintech #rbi

Exciting news! Swift is partnering with global banks to unleash the power of AI in the fight against cross-border payments fraud. In their first pilot, they're supercharging their Payment Controls service with an AI model that analyzes historical activity patterns on the global messaging network. This means a more accurate picture of potential fraud, keeping our financial institutions one step ahead. Swift has also brought together 10 leading financial institutions to test advanced AI technology that analyzes shared data to sniff out potential fraud. By using secure data collaboration and federated learning technologies, they're unlocking a wealth of insights and identifying fraud patterns like never before. #AI

Giants of the financial industry are shaping the future of payments fraud detection by leveraging generative AI. This technology is revolutionizing payment security by pinpointing anomalies and mapping transaction networks. However, despite its potential, the adoption of generative AI for fraud detection faces a complex web of technical, ethical, and regulatory questions that need to be addressed. #Finance #AI #FraudDetection #PaymentSecurity #fraud #payment #payments #fintech #fintechs #processors #payfacs #banking

How can future prediction/forecasting be useful in payment fraud detection? What will be specifically forecasted in payments so we can find the anomalies before they happen? This is how it can be done : 1. Data Collection: amounts, locations, purchase habits, devices used. 2. Model Training: to recognize fraud patterns. 3. Risk Scoring: Assign a risk score (high, medium, low) to each new transaction based on its similarity to past fraudulent activity. 4. Transaction Evaluation: Based on the risk score, allow transactions to proceed normally, request verification, or block them for review. #PaymentFraud #FraudDetection #AI #MachineLearning #FinTech

Thank you to FINTECH.TV for a great live session on AI's impact on fintech in 2024 with Stardog, CEO, Kendall Clark. From AML, KYC to product innovations, AI is disrupting the industry. Highly regulated industries like Financial Services need AI that is not only fast and efficient, but 100% accurate with traceability for compliance. No hallucinations are table stakes. Learn more about our no hallucinations solutions at www.stardog.com and check out the interview below! #data #ai #fintech #nohallucinations #voicebox

RBI Launches MuleHunter.ai to Combat Digital Financial Fraud with AI-Driven Detection The Reserve Bank of India unveils MuleHunter.ai, a cutting-edge AI/ML-based model designed to detect and neutralize money mule accounts, offering a smarter, faster solution to the growing challenge of financial fraud in India’s banking sector. via Google News https://ift.tt/MabtEkm December 09, 2024 at 04:58PM #AI #machineLearninig #Inovetion #AItrends #Techtrends

🚨 Financial institutions can streamline anti-crime efforts by merging fraud & AML (FRAML) strategies! 🚨 By combining data, identifying overlapping risks, & leveraging the latest tech, banks & payment providers can boost fraud detection accuracy & reduce false positives. 📉 🔍 What is FRAML? It’s a framework powered by AI & machine learning that enhances fraud and AML detection accuracy in fast-paced environments. 🚀 Curious to know more? Download The Paypers' Next Gen Tech to Detect Fraud and Fincrime report now! 📊 👉 Download here https://buff.ly/3YiCaTe #FRAML #Fintech #AI #AML #FraudDetection #FinancialCrime #MachineLearning #RiskManagement #ThePaypers

In the evolving landscape of digital payments, the intersection of artificial intelligence and fraud detection marks a crucial development. As online and financial fraud reach global scales, AI emerges as a potent tool in countering these threats. 🌍💡 The integration of AI in fraud detection not only accelerates the identification of fraudulent activities but also enhances the methods used to address them. With advanced pattern recognition, real-time monitoring, and the ability to analyze vast amounts of data, AI is significantly improving the security of banking and financial operations. 🚀🔒 Artificial intelligence is changing the game in fighting fraud within digital payments, making our transactions much safer. With AI, we're seeing smarter, faster ways to spot and stop fraud, proving just how crucial technology has become in keeping our online finances secure.🤖💳 #DigitalPayments #AIFraudDetection #FinancialSecurity #ArtificialIntelligence #TechInnovation #SecureBanking #PaySaxas