Shortly after leaving the San Diego Sheriff’s Department over a decade ago, Pat Beaty became a certified fraud investigator.
“Fifteen to 20 years ago, large banks, financial institutions, insurers, and credit unions would have 15-20 people analyzing raw data,” he says. Since then, a lot has changed. “We’re still making calls, interacting with people, verifying members and their transactions by telephone. But looking at a lot more data.”
Yet despite the exponential increase in information for his company’s 80,000 members, Beaty’s company stays on top of fraud thanks to software using machine learning, which scans giant volumes of data to isolate suspicious activity.
Today, even more artificial intelligence tools are coming online that will change the nature of fighting financial crime. Intel® Saffron™ platform, an AI technology, mimics the associative memory of the human brain to surface fraud rings, while accessing an infinitely larger dataset than its human counterparts. These solutions are designed to enhance people in highly complex tasks, and early results indicate they can catch fraudsters with unprecedented speed and efficiency.
“Fraudsters’ and money launderers’ use of advanced techniques, including AI, is accelerating. Cutting-edge AI isn’t optional—it’s required for investigators to be effective in anticipating and responding to these changes.”
“Fraud is in so many different arenas—it impacts every industry as well as human traffic, money laundering and the funding of illicit activities, organized crime, and terrorist financing.”