How Artificial Intelligence is Powering Asia's Fraudtech Fight Against Financial Crime - Fintech Singapore

Advances in technological fields including artificial intelligence (AI) and biometrics are providing new ways for financial institutions and startups to combat the surge in fraud and financial crime resulting from the rise of digital banking and fintech. With governments across Asia Pacific (APAC) pushing for greater adoption of digital technologies to boost financial inclusion, financial-related crimes and fraud attempts have proliferated across the region. The shift of banking to digital channels has not only transformed the way people access banking and manage their finances; it has also led to a revolution in banking fraud and financial crime, turning it into a fast-growing global industry. Global losses due to card fraud alone cost almost US$27.85 billion in 2018 and could reach US$44 billion by 2025, according to the Nilson Report. In APAC, the introduction of real-time payments in particular has led to a significant increase in payment fraud, with four in five APAC banks witnessing a rise in losses, according to results from a Fico survey released in January 2020.