Artificial intelligence (AI) was met with enthusiasm, but also scepticism, in transaction banking. As experts continue to work with the technology, new use cases appear. Processing vast amounts of data or digital interactions with the banking platforms, identifying patterns and detecting anomalies in real time are some of the most exciting capabilities. AI enables banks to shift from reactive to proactive fraud-prevention measures.
In the mind of criminals
Criminals focus on authorised push payment (APP) fraud, where they manipulate individuals into transferring money into accounts they control, explains Jason Lane-Sellers, director, identity and fraud EMEA at LexisNexis Risk Solutions.
“By incorporating advanced behavioural intelligence and machine-learning models, institutions can validate genuine user interactions while identifying instances of manipulation,” he says. “AI-powered tools assess typical customer behaviour and flag deviations that may indicate fraud, such as transactions initiated under duress or through coaching by scammers.”
The most advanced fraud-detection systems run on accelerated computing platforms that provide an end-to-end, cloud-native framework for building, customising and deploying AI models.
