If you use your credit card to buy a latte in Vancouver and a couple of minutes later that card is making a purchase in Singapore, that's a red flag for fraud. But increasingly sophisticated fraud calls for more sophisticated measures to deal with it, and that is among the challenges behind RBC Research's announcement today that it is launching a new lab to explore the use of artificial intelligence and machine learning in the financial sector. Richard Sutton, a computer scientist and pioneer in artificial intelligence, has been named head academic advisor to RBC Research in machine learning. The new lab will work with the Alberta Machine Intelligence Institute at the University of Alberta, where Sutton is a professor. Foteini Agrafioti, head of RBC Research, which was launched last fall in Toronto, said the announcement will help her organization to play a major role in advancing AI research in the future of banking. Agrafioti said that as the complexity of fraud evolves over time, it becomes increasingly difficult to detect it.

Following up on recent investments in artificial intelligence and machine learning, RBC has announced that modern-day AI pioneer Dr. Richard S. Sutton has been brought on as head academic advisor to RBC Research in machine learning. The bank's research arm has plans to set up a new lab and partner with the Alberta Machine Intelligence Institute (Amii) at the University of Alberta. "We are thrilled to be opening a lab in Edmonton and to collaborate with world-class scientists like Dr. Sutton and the other researchers at Amii," said RBC Research head Dr. Foteini Agrafioti. "BC Research has built strong capabilities in deep-learning, and with this expansion, we are well poised to play a major role in advancing research in AI and impact the future of banking."

One of Canada's largest banks and a multinational software firm are both announcing expanded investment in artificial intelligence (AI) that will include partnerships with Canadian universities, according to announcements made Wednesday morning. Microsoft Corp. just announced its acquisition of Montreal-based AI startup Maluuba Jan. 13 and now it says it wants to double the size of that team over the next two years. That investment will be paired with a $6 million gift to the Universite de Montreal and $1 million to McGill University to be spent on AI research over five years. The announcement was made by Microsoft President Brad Smith from the World Economic Forum in Davos, where he was joined by Navdeep Bains, Canada's Minister of Innovation, Science and Economic Development. "Microsoft's investment is proof of Canadians' world-renowned expertise in artificial intelligence and machine learning," Bains is quoted as saying in a press release.

TORONTO, Oct. 20, 2016 /CNW/ - RBC today announced two new initiatives in collaboration with the University of Toronto designed to ensure Canada remains a leading centre of development in machine learning and artificial intelligence. RBC Research in Machine Learning will be a state-of-the-art research practice working to push the boundaries of the science around machine learning. RBC is also partnering with the Creative Destruction Lab at the University of Toronto's Rotman School of Management, becoming a Founding Partner of the Lab's Machine Learning Initiative focused on artificial intelligence-enabled companies. "RBC Research in Machine Learning is part of our commitment to the advancement of machine learning and artificial intelligence in Canada," says Gabriel Woo, vice-president of innovation at RBC. "We are not only building our own capabilities, we're also big believers in creating jobs in this space to retain the amazing talent we have in Canada. RBC Research in Machine Learning will be housed at the Banting Institute at the University of Toronto, and will be headed up by successful inventor and entrepreneur Dr. Foteini Agrafioti. Dr. Agrafioti is the co-founder and co-inventor of Nymi, the first wearable device to authenticate users using the biometric technology HeartID. "This has really never been done before in Canada," says Dr. Agrafioti, who was named "Inventor of the Year" in 2012 by the University of Toronto for inventing HeartID. "We've lost so much talent in this country to other companies and institutions, but RBC has both the scale and commitment to ensure Canada remains a centre of excellence in machine learning." Under the leadership of Dr. Agrafioti, the RBC Research in Machine Learning team will collaborate with academics from the University of Toronto and other institutions, publishing new research in the fields of machine learning and artificial intelligence. They will also be connected to the teams within the bank working on artificial intelligence and machine learning to provide expertise and help solve business challenges. RBC also extends its close collaboration with the University of Toronto through a new partnership with the Creative Destruction Lab, a seed-stage program for massively scalable, science-based companies. The Lab employs an objectives-based mentoring process led by highly accomplished entrepreneurs and angel investors with the goal of maximizing the equity value creation of its ventures. As part of the agreement, RBC is contributing to the Creative Destructions Lab's programming fund and will assume a role on the Lab's Advisory board. "We're thrilled to partner with RBC on this initiative," says Rachel Harris, director of The Creative Destruction Lab. "With their support we are able to scale our program.