Applied AI for fraud prevention and detection

“Banking is at a pivotal moment. Technology disruption and consumer shifts are laying the basis for a new S-curve for banking business models, and the COVID-19 pandemic has accelerated these trends. Building upon this momentum, the advancement of artificial-intelligence (AI) and High-performance Computing (HPC) technologies within financial services offers banks the potential to increase revenue at lower cost by engaging and serving customers in radically new ways" (McKinsey & Company, 2021).

In the digital age, financial crime against banks and other financial services institutions is accelerating rapidly. Fraud prevention now represents one of the biggest areas of concern for the financial services industry. Financial institutions need a paradigm shift in their approach to mitigate fraud risks going forward. Srikrishna ‘Kris’ Sharma, Financial Services Sector Lead and Maciej Mazur, AI/ML Product strategy manager at Canonical share their insights into ‘Fraud Prevention & Detection - How open source AI/ML solutions can assist banks?’ in the webinar that was hosted by Oman Data Park in association with Oman Banks Association.