Sean Brennan’s Post

We’re enhancing our Payment Controls Service (PCS) using AI to help banks detect potential fraud in real-time with anomaly detection using pseudonymised data from billions of transactions across the Swift network. The enhanced service will detect and flag suspicious activity, enabling banks to respond more quickly than was possible before. Come January 2025, the service will give the financial community accurate insights into potentially fraudulent activity, a challenge that’s costing the industry billions each year. This innovation builds on our existing Payment Controls Service (PCS) following a successful pilot with financial institutions across Europe, North America, Asia and the Middle East. 👉 Find out more: https://okt.to/xkCAGF #financialcrime #fraud #innovation #interoperability #ai #anomalydetection

Automated customer support, client risk profiling, trading and money management, regulatory compliance, and fraud prevention are some key areas in banking being transformed by Artificial Intelligence and Machine Learning. Curious about how to leverage AI in fintech or the latest trends in banking and financial technology? Keep reading to discover how AI and ML are driving automation, enhancing fraud detection, and strengthening security in the banking sector: https://lnkd.in/eJGffFzB This post was synthetically created. #BAMmoney #Fintech #AI #MachineLearning #BankingTrends #FraudDetection #Automation #Security

Automated customer support, client risk profiling, trading and money management, regulatory compliance, and fraud prevention are some key areas in banking being transformed by Artificial Intelligence and Machine Learning. Curious about how to leverage AI in fintech or the latest trends in banking and financial technology? Keep reading to discover how AI and ML are driving automation, enhancing fraud detection, and strengthening security in the banking sector: https://lnkd.in/eKcqpj-7 This post was synthetically created. #BAMmoney #Fintech #AI #MachineLearning #BankingTrends #FraudDetection #Automation #Security

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

Know the methods…Explainable AI in financial crime compliance is elementary to trust and adoption, says Napier AI, learn more here https://hubs.li/Q02Fl-VQ0. Technology and innovation can make a critical contribution to the fight against financial crime. In pages 62-63 of The Fintech Power 50 annual guide, you’ll learn about: ✅Navigating the regulatory maze. ✅Transparency and explainability: the imperative. ✅The future of AI and AML. Subscribe now to The Fintech Power 50 and stay up to date on the latest and greatest fintech insights https://hubs.li/Q02FlWFh0. #fintech #financialservices #payments #fintechpower50 #financialcrime #aml #ai

Fraud is one of the most significant–and costly–risk factors facing financial institutions and payments providers today. Combatting this requires smarter AI tools and strategic partnerships. Learn 3 steps to optimize your fraud detection tools and protect your bottom line. #fraudprevention #AI #fintech #futureofmoney https://lnkd.in/ge_rRevz

𝐍𝐨 𝐬𝐦𝐨𝐨𝐭𝐡 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬? 𝐑𝐞𝐚𝐝 𝐭𝐡𝐢𝐬! Traditional fraud detection falls short against today's sophisticated scams, often causing frustrating false alarms. Generative AI changes the game by using advanced machine learning to swiftly adapt and learn in real-time. It detects fraud with unparalleled accuracy, learning from new patterns to stay ahead of criminals. Visa and Mastercard already leverage Generative AI to slash false positives by up to 85%, ensuring smoother transactions for you. This technology not only enhances security but also improves your payment experience by minimizing disruptions. While privacy concerns and regulations pose challenges, Generative AI promises to revolutionize fraud prevention in banking, making your financial transactions safer and more seamless. Join us in embracing the future of secure payments with Generative AI. #ai #mastercard #visa #payments #banks

AI continues to dominate headlines and narratives throughout the world of fintech. Here, we take a look back at five of the top AI stories from September, featuring Metro Bank (UK), Marqeta, Visa, Featurespace and more. 🟣Read more ⬇️ https://lnkd.in/epHVe_aV #AI #FinTech

In this issue of Brunner Sierra Group - IntelBrief, I imagine a world where regulatory compliance is not just a box-checking exercise, but a seamless, cost-effective process that integrates smoothly with every transaction. This is not a far-fetched future. With the advent of Regulatory Technology (RegTech), financial institutions are harnessing AI and Machine Learning to revolutionize compliance. I shed light on how AI is not only automating mundane compliance tasks but also providing real-time monitoring and predictive analysis to avert potential risks.

Using #AI and #MachineLearning to enhance current operations and bolster fraud protection, banks have the potential to identify efficiencies and offer superior digital banking experiences. Of course, there are challenges and risks to consider. The challenges involve balancing adopting innovative AI solutions against ethical, compliance and regulatory challenges. While generative AI’s impact promises to be transformational, like any new technology, it presents unique risks for banks that include: ➡️ Model fairness and bias risk ➡️ Intellectual property infringement ➡️ Data privacy concerns ➡️ Security threats ➡️ Ethical and regulatory compliance ➡️ Auditing and transparency Learn how you can get your bank strategically ready to capture the full promise and value of AI and machine learning: https://lnkd.in/g6-6MeZc #fraudprotection #generativeAI #banking #banktech #customerexperience #communitybanking #predictiveAI #bankingtechnology #bankoperations