Revolutionizing Fraud Prevention Harnessing AI and ML to Safeguard Banking from Fraud скачать в хорошем качестве

Revolutionizing Fraud Prevention Harnessing AI and ML to Safeguard Banking from Fraud

Speakers: Angela Xu, Director, Risk Control and Fraud Analytics, CIBC Kemi Borisade, Senior Fraud Data Analyst, CIBC Abstract: In 2023, the Canadian Anti-Fraud Centre reported staggering losses of over CAD $550 million due to fraudulent activities, underscoring the urgent need for advanced security measures. At CIBC, we confront the dynamic challenges of this evolving landscape head-on by embracing cutting-edge tools, technologies, and methodologies. Our journey is marked by formidable obstacles, including the limitations of rule-based fraud strategies, the delicate balance between sales and risk mitigation, inadequate tools for documentation validation, and the pressing demand for rapid fraud assessment. To address these challenges, our team embarked on a transformative path, leveraging next-generation self-learning Machine Learning models supplemented with custom thresholds. This approach enhances fraud detection capabilities, minimizes false positives, optimizes sales strategies, and fortifies client protection. Furthermore, through strategic partnerships, we've embraced solutions such as Optical Character Recognition (OCR) to streamline documentation validation processes. Exploring the integration of graph databases, Natural Language Processing (NLP), and foundational models, we aim to unlock new frontiers in fraud prevention. The culmination of our efforts heralds a new era in security, where the synergy of advanced AI and ML technologies promises unparalleled efficiency and efficacy in combating fraud. Join us as we unveil the future of fraud prevention in Canadian banking.