ADVERTISEMENT
TechEconomy
Tuesday, June 3, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Using AI to Combat Persistent Financial Crime Risk

Using AI to Combat Persistent Financial Crime Risk

Techeconomy by Techeconomy
February 16, 2022
in Finance
0

RelatedPosts

NairaWatch, Naira and dollar

Naira Appreciates, Closes at N1,582/$1 in Official Market

June 3, 2025

Salesforce Introduces Agentforce for Financial Services to Address Shrinking Workforces

June 2, 2025

Prior to the disruption caused by the pandemic over the past two years, fraud cost businesses more than $5 trillion annually. But an increasingly distributed workforce and the acceleration of digital transformation initiatives have irrevocably changed the corporate landscape.

In doing so, the perfect climate has been created for fraud to become even more of a challenge.

A global economic crime survey has found that one in three South African respondents cite distrust as being the most significant emotional impact of fraud.

AI weaponry against financial crime

Advertisements
MTN ADS

Brand damage, loss of market position, employee morale, and lost future opportunities remain unquantified. Consideration must also be paid to the availability of more sophisticated technologies such as artificial intelligence (AI), machine learning (ML), and automation that benefit organisations and criminals alike.

Technology shifts

Our recent research indicated that the pressure to safeguard against financial crime s in this connected landscape has resulted in a third of financial institutions accelerating their AI and ML adoption for anti-money laundering (AML) technology.

In the same survey, 28% of large financial institutions consider themselves to be fast adopters of AI technology while 16% of smaller financial institutions also view themselves as industry leaders in AI adoption.

The shift in consumer behaviour due to the pandemic has forced many financial institutions to move away from static, rules-based monitoring strategies as they are not accurate or adaptive to the behavioural decisioning systems required in an AI-driven landscape.

Additionally, our insurance fraud technology study has found that anti-fraud technology is flourishing due to these and other factors.

Automated red flags, predictive modelling, text mining, and reporting capability are among insurers’ most used anti-fraud technologies. They are also embracing photo analysis technology to authenticate claim damage, identify digitally altered images, and index pictures submitted in other claims.

Technology against Financial Crime risks

Tying this together is how organisations are embracing financial intelligence that unite multiple information sources with analytics connecting the dots at scale to form a true, all-source-intelligence platform. For instance, sophisticated algorithms have been deployed not only to link data, but to identify the significance of a contact and predict risk of infection from malware.

Financial crime variety

Fraud and cyberattacks are just two concerns. But money laundering has become especially pervasive recently with criminals relying on legitimate businesses through which to channel their ‘dirty’ money. This is where shell companies and offshore financial transactions become part of the picture.

And then there is procurement fraud to consider with some suggesting it has become one of the most common economic crimes around the world. Because it takes so many forms, procurement fraud is very difficult to detect and investigate. Manual detection is futile with organisations requiring the right combination of advanced analytic techniques to bolster their defences against these fraudsters.

Fundamentally, today’s payment ecosystem has broadened well beyond traditional banks. Fintechs, digital banks, and payment service providers are driving new, alternative payment services.

Payments have become increasingly cashless and opened doors for new, faster payment types. But, with all the innovation comes new fraud threats – and they are emerging on different timelines in various parts of the world.

AI weaponry

For these, and other financial crime s, it has become imperative to embrace continuous monitoring solutions. These can pull millions of records from back-office systems, including purchase orders, purchase requests, invoices, payments and other accounts payable data, and supplier data.

After extracting the data, the solutions apply AI to cleanse it at scale.

The system can enhance the data by drawing on external sources, such as company registers, information about politically exposed people and transparency indexes.

Financial crime variety

Then it processes the data using alert generation processes based on mathematical algorithms and models, such as clustering and link analysis. The outcome is a real-time risk score for both transactions and vendors.

Depending on the industry and the company needs, businesses can use analytics to check for bid rigging, duplicate invoices, travel expenses, returns, fidelity cards, subscriptions, and more.

It all comes down to embracing tools like AI and ML to enhance what human experts do. Fighting financial crime is a never-ending battle. With criminals using evolving technology to bypass organisational defences, it is up to the companies to fight fire with fire.

Loading

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: Andrew Sangwenifinancial crimeFraud & Financial CrimeSAS in South Africa
Previous Post

IT Innovation Centre Named after President Buhari Commissioned in Katsina

Next Post

Fidelity Bank Set to Light up Lagos this Weekend with The Euphoria

Techeconomy

Techeconomy

Related Posts

NairaWatch, Naira and dollar
Finance

Naira Appreciates, Closes at N1,582/$1 in Official Market

by Latifat Fashina
June 3, 2025
0

The naira appreciated in the official market on Monday, closing at N1,582/$1, up from last Friday’s close of N1,586/$1. The...

Read more
Agentforce for financial services by Salesforce

Salesforce Introduces Agentforce for Financial Services to Address Shrinking Workforces

June 2, 2025
Segun Alebiosu, CEO, FirstBank China-Africa Interbank Association | FirstBank Agent Credit

FirstBank Disburses N1billion in One Day via Agent Credit Scheme

June 2, 2025
America Debt - IMF

Can AI Save America from its Debt Spiral

May 31, 2025
Nigeria economy by FBNQuest, Naira currency, Nigeria's currency, strongest currencies

Naira Holds Steady at N1,586/$1 in Official Market

May 31, 2025
Naira vs Dollar | Asset management

Naira Appreciates in the Official Market, Closes at N1,586/$1

May 30, 2025
Next Post

Fidelity Bank Set to Light up Lagos this Weekend with The Euphoria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.