07 Nov '17, 10am

Singapore bank turns on AI to fight vice activities

OCBC Bank is trialling the use of artificial intelligence (AI) and machine learning tools to improve its ability to accurately identify suspicious activities, specifically, money laundering. The Singapore bank said it ran the software through one year's worth of corporate banking transaction data and reduced, by 35 percent, the number of alerts that did not require further review. It also improved the accuracy rate of identifying suspicious transactions four-fold by categorising flagged activities according to risk levels. Cashless cannot be the face for Singapore smart nation success Increased emphasis on building a cashless society to reflect country's success as a smart nation is misplaced, when the importance of getting the fundamentals right is overlooked. Read More OCBC said its fintech business unit, The Open Vault, conducted the proof-of-concept for the software ea...

Full article: http://www.zdnet.com/article/singapore-bank-turns-on-ai-t...

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