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How Can AI Help Prevent Fraud in Banking Without Opening New Risks? | Secure Trust Bank’s Managing Director, James Hodkinson
Fraud continues to be a significant challenge in banking, with consumer markets often facing high volumes of low-value fraud, while corporate fraud, though less frequent, can be much more devastating. In this video, we explore the current landscape of fraud in both sectors and the evolving role of technology, particularly artificial intelligence, in detecting and preventing fraudulent activity.
AI holds promise in transforming fraud prevention by analyzing vast amounts of data to spot anomalies and identify suspicious behavior before it causes harm. However, as the video highlights, AI also brings potential risks. The same technology used to protect against fraud could be exploited to create fake data, leading to significant financial losses if banks are not careful. This dual nature of AI presents both challenges and opportunities for financial institutions.
The conversation then turns to the untapped potential of AI in the corporate banking space. While AI is already making strides in consumer fraud detection, there’s still a gap in its application within corporate banking. This video discusses the future opportunities for AI to play a bigger role in safeguarding corporate transactions and ensuring greater security across the financial ecosystem.
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