Episode 103: Fraud prevention and anti-money laundering with AI

AI-podden with Stephanie Ora and Mark Thundercliffe, SAS Institute

Stephanie and Mark discuss the role of AI, data, and analytics for risk management. We get some examples of how AI could be used to mitigate risks such as fraud and money laundering in financial services.

Stephanie digs deeper into how AI is used to handle financial crimes such as fraud to protect both consumers and banks. She mentions that banks are scared of using AI because of regulations that make them very cautious and therefore lag behind in using the technology. She also mentions the need for explainable AI for banks to be able to use this powerful tool, moving beyond the black box AI models used today.

Mark emphasizes that banks should still balance risks, consider the breadth and depth of regulations, and consider the risks of implementing AI or not in the context of the losses imposed by fraud and money laundering.