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Singapore Expands AI Use in Banking Sector to Fight Financial Crime
(MENAFN) Singapore’s financial regulator is collaborating with banks and government agencies to enhance efforts against financial crime through the use of artificial intelligence and machine learning tools, according to reports.
The Monetary Authority of Singapore (MAS) said it is working alongside the banking industry, the Government Technology Agency, and the Singapore Police Force to improve the early detection of fraudulent financial activity.
As part of this broader initiative, MAS has launched a Proof-of-Value program designed to test AI and machine learning methods for identifying scams at an early stage. The project integrates data from five participating banks to build analytical models capable of flagging higher-risk transactions and potentially suspicious accounts.
Officials said that earlier identification of unusual activity could allow for quicker intervention and more effective response measures, which may ultimately help reduce financial losses suffered by customers.
To support the initiative, a secure data-sharing framework has been established, operating under strict industry guidelines to protect sensitive customer information. According to authorities, all data used in the program is kept confidential and secured using advanced cryptographic methods.
The Monetary Authority of Singapore (MAS) said it is working alongside the banking industry, the Government Technology Agency, and the Singapore Police Force to improve the early detection of fraudulent financial activity.
As part of this broader initiative, MAS has launched a Proof-of-Value program designed to test AI and machine learning methods for identifying scams at an early stage. The project integrates data from five participating banks to build analytical models capable of flagging higher-risk transactions and potentially suspicious accounts.
Officials said that earlier identification of unusual activity could allow for quicker intervention and more effective response measures, which may ultimately help reduce financial losses suffered by customers.
To support the initiative, a secure data-sharing framework has been established, operating under strict industry guidelines to protect sensitive customer information. According to authorities, all data used in the program is kept confidential and secured using advanced cryptographic methods.
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