New Report Finds That More Than 80% Of Organizations Across Apac Are Using Artificial Intelligence (ai) To Tackle Fraud

By Author: Otis
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Feedzai, the pioneering RiskOps platform for financial risk management, and Chartis Research, a leader in risk technology research, released a joint report on APAC financial firms' fraud responses. The Singapore FinTech Festival and International Fraud Awareness Week report, "Scam Prevention in Asia-Pacific: A Survey of Banking and Payment Provider Professionals," draws from a survey of financial crime professionals from 48 banks and 27 PSPs in Australia, Malaysia, the Philippines, Thailand, and Singapore.

The analysis found that over 90% of examined organizations have a scam awareness program, indicating great regional progress. In particular, almost 80% of companies use AI to detect fraud. AI-based fraud assessments analyze historical fraud data using ML algorithms to find trends and anomalies that indicate fraud.

Although advances have been made, the research underscores the growing threat of sophisticated fraud and scams in the region. Australians were most concerned about fraud and scams' influence on operational costs (67%), while Singaporeans were least concerned (38%).

Only 6% of respondents were confidence in their ability to adapt to evolving fraud typologies, whereas 46% claimed they had complete scam controls. PSPs had more thorough controls than banks, with 60% expecting to improve fraud detection controls versus 39% for banks.

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