Digital defenders: AI’s game-changing role in payments fraud prevention

“Beware of scams” has become a common refrain among banks today, and rightfully so. In 2023, fraud scams and bank fraud schemes amounted to nearly $500 billion in projected losses globally, as per the NASDAQ Verafin 2024 global financial crime report. The surge in digitalisation has given rise to a parallel increase in fraud, posing a substantial threat to both individuals and financial entities.  This session will outline the playbook on risk management framework and deep dive into strategies that can enable accurate and predictive assessments that aid in compliance with fraud detection and prevention requirements.