Fraud Prevention with AI-Powered Models

Aerospace and Defense Review | Thursday, November 16, 2023

The transformative potential of artificial intelligence in fortifying the defence against fraudulent activities in the Asia-Pacific region.

FREMONT, CA: Authorised push payment fraud has been more commonplace worldwide in 2023, with a significant impact in Asia-Pacific. Although employing artificial intelligence (AI) to recognise these complex fraud patterns has become commonplace, scammers are also making significant use of recently developed AI technologies, such as generative AI (GenAI).

Businesses must regularly improve and update their enterprise fraud management (EFM) AI models to stay competitive. APAC nations like China, India, Thailand, and Indonesia, have introduced new data privacy laws that hinder legal businesses' access to outside data insights for efficient fraud control. Due to these developments, EFM clients in the Asia Pacific ought to seek suppliers that have:

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Robust Features for Data Integration: Consumers want providers to quickly integrate data and automatically verify its quality because the amount and quality of data have a big impact on how accurate risk scoring is. The ability to effectively integrate a variety of external data sources is essential since fraud risks might appear in a variety of business scenarios and channels. APAC's stricter data privacy laws make it more challenging to get personally identifiable information; suppliers who link with wide-ranging external sources of regulated data will have an advantage over rivals.

Sophisticated, Up-to-date AI and Machine Learning Capabilities: AI technologies are constantly evolving, and customers are demanding advanced AI models for fraud management. Innovative vendors are developing new AI models. GenAI-based models can create intricate graphics to thwart bots and machines for know-your-customer purposes, and graph-based models are widely adopted in fraud investigations to analyse complex relationships and networks of criminal groups. In addition to competing on AI model sophistication, vendors should ensure that their models and algorithms are explainable and unbiased to meet the rising expectations of customers and regulators.

Distinctive User Encounters: The user experience of an EFM solution is a crucial differentiator since it has a direct impact on the productivity and efficacy of fraud management experts. Businesses are drawn to systems that provide more automation, analyst process visibility, and expedited capabilities for investigation and reporting. Including low-code or no-code functionalities has become a crucial factor for businesses choosing a model-building platform.

The most recent report identified the top seven major homegrown EFM providers in the region and has conducted research, analysis, and scoring based on their current offerings, strategies, and market presence. This assessment helps security, risk, and fraud management professionals choose the best service for their requirements by demonstrating how each performs.

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