According to the IMF, in 2016, Bangladesh’s central bank was targeted by hackers who exploited SWIFT vulnerabilities to steal $1 billion. Despite most transactions being blocked, $101 million remained missing, highlighting the underestimated systemic cyber risks in the global financial system.
Regretfully, it seems that one of the industries most frequently targeted by threats is the financial one. 2022 was the highest year on record for phishing assaults, with 4.7 million and 27.7 percent of those explicitly targeting the financial sector, according to APWG’s Phishing Activity Trends Report.
Looking at the nature of the financial systems and the fact that monetary flows are never static and are actively evolving, the fight against fraud has remained an ongoing process. With increased adoption of digital methods of commerce and constantly emerging threats, companies are seeking out new and effective methods of protecting their investments as well as those of their consumers. The high risk of fraud, especially in the financial sector, has been tackled by the implementation of new and more advanced technologies that seek innovation and perfectibility, such as custom AI solutions.
In the given article, we will take a detailed view of the capacity of bespoke AI in fintech and custom AI solutions in preventing fraud in the financial sector.
According to Statista it is anticipated that from 2022 to 2025, the rate at which artificial intelligence (AI) is adopted by financial sector businesses will increase. Nearly half of executives predicted that artificial intelligence would be widely used in their organizations by 2022. Not only that, it is also projected that, by 2025, the crucial implementation of AI will surpass this percentage.
Integrated and brand AI solutions are transforming the financial industry in its capacity to proactively create and manage threats through the application of precise algorithms and machine learning relevant to the financial sector’s problem-solving processes. Here’s how:
2. Risk Assessment:
3. Compliance and Regulatory Reporting:
In general, custom AI solutions are essential in countering threats in the financial industry, as they contribute by offering efficient fraud detection mechanisms, risk evaluation tools, and compliance systems. Through the application of AI, financial institutions are able to keep on improving security as well as prevent and mitigate new emerging risks in this digital era.
It is safe to state that out-of-the-box custom AI solutions are now changing the fortunes of fraud detection and prevention in the field of fintech. Through applying the newest technologies, including artificial intelligence, in any financial and transaction processes, companies will be able to avoid fraudulent actions as well as customers’ security. This integration between AI and the fintech sector ensures sustained progressive improvement through the creativity of new corresponding methods, secure transaction procedures, and, therefore, more credibility of monetary business instrumentality within the future of the trade.
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India
86P, 4th Floor, Sector 44, Gurugram, Haryana 122003
Singapore
#21-02, Tower 2A, The Bayshore condo, Singapore 469974
Canada
8 Hillcrest Avenue Toronto ON M2N 6Y6, Canada
US
31 River CT, Jersey City, New Jersey
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