Fighting Financial Crimes with Artificial Intelligence

Chapter 1. Fighting Financial Crimes with Artificial Intelligence

Executive Summary

The latest research shows that an epidemic of financial crime is costing society $4.2 trillion globally. As new digital channels emerge for financial transactions, financial crime just keeps growing worse. Whole communities of fraudsters and criminals are continuously innovating new ways to steal, and they collaborate with one another and sell their tactics and techniques in a seemingly insatiable, worldwide black market. Legacy practices and traditional rules engines can’t keep up. We need new approaches.

Artificial Intelligence (AI) offers a way forward. AI techniques, although new, have already been proven to thwart a variety of financial crimes. This report provides the following:

• Insights from executives who share their experiences in applying AI in the fight against financial crimes. Unlike many strategic technology areas in which methods and outcomes are closely guarded secrets to protect competitive differentiation, this report spreads ideas and best practices from real-world implementations.

• Visibility into successful outcomes, and thought leadership on challenges, countermeasures, and the problems that still need to be solved to turn the tide in the fight against financial crimes.

AI conjures different reactions ranging from skepticism to irrational exuberance, and this report aspires to leave you with a practical understanding of the exciting current capabilities as well as current ...