Finding New Ways to Fight Fraud with AI & Data

We understand! You and your teams are navigating unprecedented challenges. The surge in sophisticated scams is reshaping fraud strategies, shifting risk assessments, and straining customer trust—all while losses escalate. But there is a way forward.

The UK reduced Authorised Push Payment (APP) fraud losses by 11% in 2023 (UK Finance). Closer to home, Australia’s National Anti-Scam Centre reported an 18% drop in cases and 22% reduction in losses last year, driven by enhanced AI-driven detection and cross-sector collaboration (ACCC Scamwatch, 2024). Meanwhile, India’s Reserve Bank (RBI) has mandated AI-powered transaction monitoring, slashing UPI fraud by 27% in early 2024 (RBI Financial Stability Report, 2024).

But none of us can rest on our laurels. More challenges lie ahead:

• Australia: Mandatory scam reporting for banks begins in 2025, with AI-generated deepfake scams rising by 40% targeting pensioners and SMEs (ACCC).
• Southeast Asia: INTERPOL warns of a 35% spike in AI-enabled investment and romance scams, fueled by GenAI voice cloning and synthetic identities (INTERPOL Global Crime Trend Report, 2024).
• East Asia & Hong Kong: Synthetic identity fraud dominates 30% of e-commerce scams in China, while Hong Kong’s HKMA tightens AI governance after deepfake video scams cost banks US$50 million in Q1 2024 (HKMA Guidelines, 2024).
• India: Digital lending fraud surged by 65% in 2023, prompting RBI’s new AI-powered “Fraud Risk Management” frameworks for fintechs (I4C Annual Report, 2024).

Globally, fraud losses in Asia-Pacific could exceed US$48 billion by 2025, with GenAI enabling hyper-personalised phishing and money laundering (UNODC, 2024). Organisations must act now to future-proof defences, according to the United Nations Office on Drugs and Crime. Organisations must act now to future-proof defences.

The global body also noted an increase in AI-enabled crime involving deepfakes, describing the use of generative AI (GenAI) in cybercrimes as a “complex and alarming” trend in Southeast Asia.

In this audience directed session you can guide the conversation from start to finish.

CXOCIETY, in partnership with SAS, invite you to a webinar to look at how businesses can protect their customers as well as systems against fraud, and discuss how emerging technologies, such as GenAI, can play a key role.

The discussion will also cover a range of topics, including:

• In an unprecedented shift, fraud and compliance peers need each other
• Machine learning and anomaly detection will define your risk management and anti-scam measures
• AI and GenAI has critical role in mitigating fraud and Financial Crime risks and enhancing decisions
• How will security intelligence encompass including government agencies, banks, and financial institutions in the future