Danske Bank Joins Others in Using AI to Detect Fraud

Dankse Bank Joins Others in Using AI to Detect Fraud
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Danske Bank has partnered with the consulting arm of Think Big Analytics to release a platform for detecting fraud, which is driven by Artificial intelligence

Danske Bank A/S which is the financial service provider of Nordic has also teamed up with the consulting arm of Teradata Corporation known as Think Big Analytics as the bank becomes a part of the increasing lists of the organizations utilizing analytical intelligence for the identification and battling of fraud. The companies have partnered to carry out the development and release of a platform for detecting fraud which is Al-driven.

The engine utilizes machine learning for the analysis of over ten thousand inactive features, to offer insights which are actionable as regards fraudulent activities which are true or false. One of the major benefits of such a system is that it minimizes the number of false positives and the cost of carrying out investigations on them. To secure trust and transparency, the engine comes with a layer for interpretation on top of the learning models of the machine, offering interpretation and explanations of blocking activity.

According to a comment made by Think Big Analytics Client Services Director known as Mads Ingwar, Banks require a real-time solution for online transactions, mobile payments, and credit cards. According to him, the Al-driven state of the art fraud platform being developed with the help of Danske Bank scores transactions that are incoming in lower than 300 milliseconds. Thismeans that the system can score transactions in real time as customers are carrying out transactions even while purchasing groceries and provide fast actionable insight.

Other banks are starting to also utilize AL solutions in the detection of fraud. An example in OCBC also known as the Oversea-Chinese Banking Corp. Limited (SGX: O39). The bank announced a collaboration with Silent Eight and BlackSwan Technologies to build and utilize a new Al solution with the aim of pinpointing possible illegal financing by looking for information on individual profiles and linking suspicious transactions to view how they might be connected.

Also, in February this year Tokyo Stock Exchange Inc and Japan Exchange Regulation stated that they were working on the application of AI to market surveillance operations by utilizing tech produced by Hitachi Ltd and NEC Corp.

Source Finance Feeds

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