Financial institutions are increasingly turning to AI and machine learning solutions in order to catch sophisticated cyber criminals.
In this great clip from OCBC – Singapore’s oldest bank – hear from the Innovations and Compliance Teams who explain why ThetaRay’s approach to data analytics is the key to catching sophisticated money launderers and fraudsters.
ThetaRay CEO Mark Gazit gives advice about avoiding financial scams that are making the rounds on social media and discusses how bad guys are using AI to mastermind their fraud schemes.
The bank partnered with ThetaRay to use its AI solution to identify potential suspicious transactions. The solution has reduced the volume of transactions reviewed by anti-money laundering compliance analysts by 35 per cent.
ThetaRay’s EVP of Financial Services Solutions James Heinzman talks about disadvantages of the rules-based AML systems and the role of AI (Artificial Intelligence) and unsupervised machine learning in catching the bad guys.