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The intention is to find a problem before it becomes a threat and today ’ s AI powered solutions are able to detect advanced fraud and manipulation earlier and faster . Similarly , these financial automation oversight engines are adept at identifying previously unidentified vulnerabilities and gaps in third-party systems that are ripe for exploitation .
Another area that AI comes into play is in the detection of forged documents . 1-20 % of documents in the application and onboarding process can be subject to manipulation such as forged bank statements , modified invoices and amended pay slips .
By protecting automated processes that use unauthorised documents from third-parties , banks can be sure no digital documents are forged .
Financial crime will always be with us . The challenge is to find it as it shifts its methods and changes its targets . Capabilities are required that can detect known criminal practices and recognise never seen before emerging patterns of financial crime . By working with the right expertise , exploiting advances in cutting edge AI , it is possible to spot different types of threats or attack vectors and respond to them before it ’ s too late .
22 December 2021