PodChats for FutureCIO: Mitigating fraud risks (in the banking sector) with AI

In a blogpost on Finextra, Thomas French, a senior financial industry consultant on fraud at SAS writes that routine investment in the best technologies to detect and prevent fraud and other financial crimes is no longer a “nice to have” but a matter of necessity.As fraud-as-a-service inflames the industrialisation of fraud, it may be time for organisations in Asia to reconsider the value proposition of AI in the fight against fraud. To help shed light on the potential of the concept, we are joined by Mike Foster, president and CEO of SymphonyAI Sensa-NetReveal.1.       How much of money laundering today inadvertently flows through banks?2.       What role can AI play in automating the process of monitoring and analysing large volumes of financial data for potential money laundering activities?3.       Any examples of how AI is being used today in mitigating risks at financial institutions (in Asia)?4.       What are the potential (a) limitations and (b) challenges of using AI to combat money laundering in the banking sector?5.       What are the ethical considerations and potential biases associated with using AI in AML efforts at banks?6.       What is your advice for CIOs, CTOs, CROs and Compliance Heads evaluating AI as a solution to enhance their anti-fraud/money laundering measures?7.       2024 is just around the corner, how do you see regulators and the financial services industries in Asia stepping up their use of AI in the area of fraud prevention? 

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