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AI Fraud Detection Risk Management 
Fintech News
SEPTEMBER 29, 2024
Payment giant Visa is set to acquire Featurespace, a company specialising in artificial intelligence (AI) technology for real-time payments fraud protection. Founded in 2008 at Cambridge University, Featurespace has developed AI-driven algorithms that can detect complex fraud patterns in transaction data.
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The Paypers
JUNE 14, 2024
US-based Oscilar , a provider of AI-driven risk management solutions, has released AI-powered ACH fraud detection amid a rapid growth in ACH transactions.
Stax
AUGUST 22, 2024
In this article, we’ll discuss what SaaS companies looking to become payment facilitators need to know about risk management strategies. PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks.
Finextra
OCTOBER 10, 2024
Fraudulent activities within the financial services sector have escalated into a significant concern.
Fintech News
JUNE 2, 2024
Swift, the global financial messaging cooperative, has announced two AI-driven experiments in collaboration with member banks to combat cross-border payments fraud which could potentially save the industry billions in fraud-related costs. Fraud cost the financial industry US$485 billion in 2023.
The Fintech Times
JULY 19, 2024
The Monetary Authority of Singapore (MAS) has committed an additional S$100million to support the development of quantum and artificial intelligence (AI) technologies in the financial sector. Nevertheless, the level of AI-readiness and adoption varies across financial institutions in Singapore.
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Fraud.net
NOVEMBER 15, 2023
Fraud.net's end-to-end risk management platform secures a Gold Future Digital award for Fraud Detection and Prevention Platform.
The Fintech Times
APRIL 15, 2024
Artificial Intelligence (AI) has dominated discussion across all fintech sub-sectors for at least the last couple of years and continues to do so. With this in mind, it only makes sense that we delve into the impact that AI has had on the embedded finance space as part of our April monthly theme.
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Fintech News
JULY 18, 2024
to support the development of quantum and AI technologies within the financial sector. In parallel, MAS is enhancing the existing AI and data grant scheme under FSTI 3.0 to support the progressive adoption of AI technologies. Additionally, MAS will develop AI platforms to address industry-wide use cases.
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Seon
APRIL 23, 2024
In an era where digital transitions are omnipresent, the menace of online fraud and money laundering is continuously escalating, necessitating advanced solutions that enable organizations to stay ahead and mitigate activities across diverse industries. How Does Fraud Risk Management Work?
Finovate
MARCH 29, 2024
In today’s first conversation, Code & Capital talks with Generative AI expert and founder of Tamang Ventures Nina Schick about the way that AI could fundamentally reshape industries and economies this century the way the Internet did decades ago. At Zurich, he leads activities globally related to Generative AI and chatbots.
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Finovate
DECEMBER 4, 2023
Treasury Prime, an embedded banking software platform, has signed a strategic partnership with fraud and risk management platform Effectiv. Embedded banking software platform Treasury Prime has forged a strategic partnership with fraud and risk management platform Effectiv. Acquired by PayPal in 2018.
The Fintech Times
JANUARY 6, 2024
Particularly since the release of OpenAI ‘s ChatGPT at the back-end of 2022, the world has sat up and taken notice of the potential of artificial intelligence (AI) to disrupt all industries in countless ways. But how much can AI really change in the next 12 months when it comes to fintech?
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Finovate
MARCH 13, 2024
The EU Parliament approved the Artificial Intelligence (AI) Act today. It’s no secret that AI is a double-edged sword. However, delineating the boundaries of AI’s applications and capabilities is challenging. This will impact how banks and fintechs use AI for customer interactions, underwriting, and fraud detection.
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Nanonets
DECEMBER 13, 2023
Integrating AI and automation into the underwriting workflow presents a significant opportunity to minimize the time allocated to administrative tasks, manual processes, and repetitive data entries. In addition, AI can help insurance firms evaluate risk with high accuracy by analyzing large volumes of data.
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Nanonets
MAY 31, 2023
According to a Forrester survey, 98% of financial institutions believe that AI and ML can give them an edge and improve how they do business. This article explores the case for integrating AI into your finance function, the route to achieving it, and how your business can step change as a result. AI can help mitigate these issues.
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Fintech News
MARCH 27, 2024
Visa announced the expansion of its value-added services by introducing three new AI-powered solutions aimed at bolstering fraud and risk prevention. The Protect suite is among nearly 200 products under Visa’s portfolio, covering critical areas such as Acceptance, Advisory, Issuing, Open Banking, and Risk and Identity.
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Finovate
MAY 16, 2024
As the banking sector stands at the precipice of a new era powered by fintech innovation, mastering the rapid deployment of AI technologies is not just beneficial—it’s imperative. Implementing Human Experience-Centric AI Solutions At the heart of technological advancements lies the need to enhance human interactions.
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The Fintech Times
MARCH 27, 2024
Visa has introduced three new AI-powered risk and fraud prevention solutions to enhance security in digital payments. Utilising deep learning AI risk models and vast amounts of contextual data, VDA offers a new transaction risk scoring mechanism specifically optimised for card not present (CNP) payments.
Fintech Finance
MAY 30, 2024
Swift has today announced two AI-based experiments in collaboration with its member banks, to explore how the technology could assist in combatting cross-border payments fraud and save the industry billions in fraud-related costs. AI’s capability for confidential data sharing could be a game-changer for the industry.
Fintech News
APRIL 28, 2024
The banking industry is shifting towards innovation, collaboration and customer-centricity, driven by the adoption of technologies including cloud computing, data analytics, artificial intelligence and machine learning (AI/ML), changing customer preferences, and a rapidly evolving regulatory landscape, a new report by Amazon Web Services (AWS) says.
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Fintech News
JANUARY 18, 2024
The emergence of generative artificial intelligence (AI) represents a pivotal moment in the technological evolution, significantly altering the digital financial services landscape in the Asia Pacific region. Here are five real-world applications of generative AI in Asia. trillion to US$4.4
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Fi911
DECEMBER 19, 2023
In finance, AI’s role is becoming increasingly pivotal, particularly in fraud prevention and management. As digital banking services grow in popularity, the unfortunate byproduct is a corresponding rise in fraud. This trend underscores the question: Can AI truly integrate into the financial sector effectively?
Nanonets
SEPTEMBER 25, 2024
It often leads to errors, delays, and missed insights, making statement management a logistical nightmare. In this article, we’ll explore applications of AI and automation for bank statement processing. AI and machine learning-enhanced tools can perform these comparisons quickly and accurately.
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Finovate
APRIL 1, 2024
If there is one area where AI is making a massive impact in financial services, that area is cybersecurity. Treasury Department underscores the opportunities and challenges that AI represents to the financial services industry. A recent report from the U.S. These observations are among ten takeaways from the report shared last week.
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Fintech Finance
OCTOBER 17, 2024
This collaboration is the latest step in SoFi’s partnership with Galileo, which currently powers an array of Banking, Payments, Lending, and Risk products for SoFi Bank’s consumer business, including: Cyberbank Konecta : An AI-driven customer experience platform with digital assistants for 24/7 support.
Nanonets
DECEMBER 25, 2023
Enter Artificial Intelligence (AI), a technological powerhouse reshaping industries across the globe. AI emerges as a transformative force in healthcare claims processing, promising to revolutionize how we handle, assess, and streamline the intricacies of claims submissions and reimbursements.
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Nanonets
FEBRUARY 12, 2024
Among the sectors witnessing a seismic shift, the lending and loan management world stands at the forefront of this AI-powered evolution. In this blog, we'll explore how AI is not just a tool but a paradigm shift, altering lending institutions' DNA and redefining the borrower-lender relationship. The result?
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FICO
APRIL 4, 2018
If you think of Garry Kasparov as the first chess Grandmaster to be beaten by AI - IBM's Big Blue - you only know half the story. He caps a program with more than 70 sessions on AI, analytics, machine learning, cybersecurity, fraud detection and risk management.
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FICO
DECEMBER 10, 2020
Last year I predicted that artificial intelligence (AI) would grow up , with major infrastructure developing around Responsible AI , AI advocacy and AI governance. These and other milestones have come to pass, pushing enterprise-scale AI solidly into the “early adoption” phase, as defined by “Chasm” author Geoffrey Moore.
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PYMNTS
DECEMBER 9, 2020
Taking this retroactive approach to credit risk management was never efficient, but it has become even less feasible amid the pandemic. Consumers are more susceptible than ever to falling short on their monthly bills, leaving banks searching for more proactive ways to mitigate the risk of defaults.
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Global Fintech & Digital Assets
NOVEMBER 1, 2023
As regulatory thinking evolves, firms must ensure that any current or planned use of AI complies with regulatory expectations. The FCA recently highlighted that we are reaching a tipping point whereby the UK government and sectoral regulators need to decide how to regulate and oversee the use of AI. By Fiona M.
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Seon
SEPTEMBER 20, 2024
SEON recently brought together industry leaders from the online lending space to discuss the evolving landscape of fraud prevention and risk management. The Changing Face of Fraud In what many describe as an “unpredictable era,” lenders are collectively challenged to stay ahead of increasingly sophisticated fraudsters.
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Payments Source
MARCH 31, 2017
The technology's usefulness for fraud detection is clear, but there are other areas where AI can have an impact. Artificial intelligence is steadily making its way through the payments and financial services world.
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The Finance Weekly
NOVEMBER 20, 2023
AI is , transforming the finance sector, especially in financial planning and analysis (FP&A). Why Should FP&A Leaders Consider to Integrate AI? FP&A leaders experience , significant advantages when they embrace AI. Top 8 AI Uses in Finance AI/ML can enhance FP&A operations in many ways.
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Fraud.net
NOVEMBER 20, 2023
Transaction monitoring has evolved from a rules-based approach to an effective way to mitigate the risks of money-laundering and fraud.
Fintech News
MAY 20, 2024
As regulatory expectations continue to evolve, it’s crucial for organizations to stay ahead of the curve and adapt their compliance strategies to mitigate financial crime risks effectively. Experts anticipate that by 2028, the majority of banking, investment, and insurance processes will be assisted or driven by AI technologies.
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Fintech News
DECEMBER 12, 2023
Leveraging AI for personalised lending Source: Freepik According to Isabel Fernandez, EVP of Lending at Finastra , mid-sized and community banks are advancing beyond larger banks due to their agility and less cumbersome legacy systems. Banks are also looking into generative AI for creating more robust fraud detection models.
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Fintech News
DECEMBER 12, 2023
They are focusing on digital transformation, developing customised credit solutions, and improving risk management. Moreover, the use of Artificial Intelligence (AI) is revolutionising lending by facilitating access to credit and reducing costs.
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Nanonets
AUGUST 16, 2024
This automation process leverages cutting-edge tools such as machine learning (ML), artificial intelligence (AI), and natural language processing (NLP). Try Nanonets' free AI-powered OCR and workflow automation. For example, AI can easily read and verify receipts and reports against the policy terms.
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FICO
SEPTEMBER 12, 2018
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. You can now watch the Tomorrow’s World Today segment on Managing Money for Tomorrow through Amazon Prime.
FICO
AUGUST 15, 2017
As artificial intelligence reaches new areas such as risk management in banking, explainable AI will become more important. Risk management has greater requirements for explaining decisions, Derek says, and this will force AI developers to think differently. Watch the video on Compare the Cloud.
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Fintech Finance
MARCH 22, 2024
Cashfree Payments , India’s leading payments and API banking company, announced the launch of ‘RiskShield’, India’s first real-time risk management solution for payment gateways. It aims at reducing payment frauds upto 40%. We built ‘RiskShield’ to empower merchants to fortify their defense against Payment Frauds.
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The Fintech Times
SEPTEMBER 26, 2024
Industry movers Creditinfo, a global service provider for credit information and risk management solutions, appoints Charles De Winnaar as its global head of sales strategy and sales operations. The funds will accelerate innovation and scale the AI-driven platform, already used by US-based companies and investor relations firms.
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