FINANCE BIAS FINANCIAL CRIME

How banks use AI to catch criminals and detect bias

ABN-hacker-editorial-796x400.jpg
Imagine an algorithm that reviews thousands of financial transactions every second and flags the fraudulent ones. This is something that has become possible thanks to advances in artificial intelligence in recent years, and it is a very attractive value proposition for banks that are flooded with huge amounts of daily transactions and a growing challenge of fighting financial crime, money laundering, financing of terrorism, and corruption. The benefits of artificial intelligence, however, are not completely free. Companies that use AI to detect and prevent crime also deal with new challenges, such as algorithmic bias, a problem that happens when an…

This story continues at The Next Web






Read more on The Next Web

You may also like

Comments are closed.

More in BIAS