Banking And AI: Why We Also Need The Human Touch

#artificialintelligence

Despite investing enormous amounts in people resources to prevent money laundering and terrorist financing and comply with regulations, banks have paid approximately $320 billion in fines over the last ten years alone. Cue artificial intelligence (AI) and machine learning, the latest technologies promising financial institutions a way to outflank criminals in the world of digital finance. I listened to some interesting fintech scenarios during the launch of the SAP Next-Gen Innovation Community for Financial Services at the SAP Leonardo Center in New York City, and one of the most impressive was from Surendra Reddy, Founder and CEO of Quantiply. The California-based startup is infusing AI into its software to help banks address financial crime, risk and compliance. "Working with SAP, can we bring machine learning and AI to augment investigators so they can proactively stop activities before anything happens.


SAPVoice: Banking And AI: Why We Also Need The Human Touch

#artificialintelligence

Despite investing enormous amounts in people resources to prevent money laundering and terrorist financing, and comply with regulations, banks have paid approximately $320 billion in fines over the last ten years alone. Cue artificial intelligence (AI) and machine learning, the latest technologies promising financial institutions a way to outflank criminals in the world of digital finance. While people versus machines arguments grab headlines, the most successful banks will use a combination of humans and AI to prevent fraud. I listened to some interesting fintech scenarios during the launch of the SAP Next-Gen Innovation Community for Financial Services at the SAP Leonardo Center in New York City, and one of the most impressive was from Surendra Reddy, Founder and CEO of Quantiply. The California-based startup is infusing AI into its software solutions to help banks address financial crime, risk and compliance.


Brighterion CEO: 2018, the Year of AI PYMNTS.com

#artificialintelligence

Dr. Akli Adjaoute, CEO of Brighterion, wrote this AI-focused piece as part of our 2018 year-end eBook. On Dec. 3, 2018, the U.S. Treasury's FinCEN and Federal Banking agencies issued a joint statement encouraging innovative industry approaches to combating money laundering, terrorist financing and other illicit financial threats. As a result, anti-money laundering (AML) has been occupying the headlines as of late. The financial industry has paid $321 billion in fines just through the end of last year, as estimated by Boston Consulting Group. JPMorgan had to pay more than $2 billion in fines due to violation of the Bank Secrecy Act, tied in part to the infamous Bernie Madoff scheme.


Woman accused of stealing from online dating matches has long history of fraud, officials say

Los Angeles Times

A woman accused of "capitalizing on her physical attraction" to steal the identities of people she met on dating and home rental websites will face a judge Wednesday after she was arrested at a luxury hotel in Santa Barbara, according to the Los Angeles County Sheriff's Department. Maria Christina Johnson, 43, is believed to have dated or rented from her victims to gain access to their homes, where she'd scavenged through their belongings to obtain enough personal information to open new lines of credit without their knowledge, authorities said. Johnson -- also known as Maria Hendricks, Gia Hendricks, Maria Christina Gia and Maria Hainka -- has been arrested and charged multiple times before for various forms of fraud, identity theft and burglary before, according to a statement from the sheriff's department. After she successfully assumed an identity, investigators say, she moved into high-end hotels and charged thousands of dollars of goods and services to her victims, even attempting to purchase a car at one point, authorities said. By the time she was arrested as a guest of a luxury, beachside coastal resort in Santa Barbara on Thursday, investigators estimated Johnson, who lists her occupation as a dog trainer, had spent more than 250,000 of her victims' funds.


Convicted identity thief stole from people she met through online dating sites, sheriff says

FOX News

A woman in California who previously served prison time for identity theft was busted at a high-end hotel after investigators said she used even more stolen cash to live a life of luxury, the Los Angeles County Sheriff's Dept. Maria Christina Johnson was accused of stealing the identities of a slew of people she met through online dating and home rental websites. Investigators said she would "capitalize on her physical attraction" to get into victims' homes and obtain their personal information, ultimately using it to open new lines of credit. Courts in several states convicted Johnson on fraud and similar charges as early as 1997. She served at least 2 years in prison, the Los Angeles Times reported.