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Report: How ING Group Is Using AI To Fight Financial Crime

Banks, credit unions and other financial institutions (FIs) were forced to stop more than $25 billion in fraud attempts in 2018 alone, but such efforts can often feel ineffective as fraud continues to grow regardless of FIs’ prevention measures. Sixty-one percent of FIs report that the volume of fraud they fight is increasing over time, and 59 percent report that the total value of fraud attempts they face is rising, as well.

FIs are turning to advanced technology such as artificial intelligence (AI) and machine learning (ML) to bring financial crime to heel, as these systems can analyze thousands of transactions and applications every second and pinpoint uncharacteristically large transactions, login attempts from multiple devices in different regions and other warning signs of fraud. Banks have reported increases in fraud detection rates of up to 50 percent through the use of AI and ML, but these tools are still only used by a minority of FIs around the world.

The August Preventing Financial Crimes Playbook explores the latest financial crime developments, including growing rates of identity theft, how an increasing number of consumer credentials are available on the dark web and how FIs are leveraging AI and ML to counter the diverse assortment of schemes fraudsters are deploying.


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