AI and Machine Learning for Financial Crime — Now on TV (Video) | Risk Management
While AI has been used for more than 25 years in credit fraud detection, few people outside the banking sphere were aware of this. But as AI has become a hotter mainstream topic, the question is a logical one. And it’s not just fraud detection people are asking about — they also want to know about other uses of AI and machine learning for financial crime protection, including in cybersecurity and money laundering.
I was interviewed recently for a new TV program called Tomorrow’s World Today, and its episode on “Managing Money for Tomorrow”. As I discussed there, we are taking the AI and machine learning techniques from fraud detection into the realms of cybersecurity and anti-money laundering.
There are surprising similarities between the checks you need to verify that a financial transaction is genuine — or that a credit account is being opened by the right person — and the checks that will confirm that the transaction isn’t showing signs of money laundering. In both cases, machine learning techniques can be used to identify outliers that require further investigation. For more information on this topic, see our white paper on Advancing AML Compliance with Artificial Intelligence.
This episode of Tomorrow’s World Today also included an interview with Gordon Cameron, EVP of Independent Risk Management at PNC, which uses the AI in FICO Falcon Fraud Manager to protect its customers. Here’s part of that interview:
Want to see more? You can now watch the Tomorrow’s World Today segment on Managing Money for Tomorrow through Amazon Prime. It’s episode 8 on the list.
In addition, the show interviewed me for a brief article on using AI and machine learning for financial crime.
Watch this space for more on AI and machine learning for financial crime, and follow me on Twitter @ScottZoldi.