Resistant AI: Unveiling financial crime with sophisticated technology

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$For example, let’s say you’ve applied for a life insurance policy. On the other end, a team of underwriters looks at your application information — age, habits, personal data, income, lab results, blood tests, a physician’s summary — and manually identifies your risk against a predetermined set of markers. That level of risk then dictates how high a premium you’ll have to pay. Some applications are rejected outright. Today, it costs most life insurance companies upwards of $500 just to reject a life insurance application. A technology like generative AI can come to the same conclusion regarding those risk factors based on the biomarkers in your application at a fraction of the cost. Of course, an approved application carries a higher financial risk for the provider than a rejected application. So while a company may be able to use technology that is only 70% accurate to reject applications, that rate won’t cut it for approving them. Regardless, even if just half the manual work is eliminated customers will be served more quickly and effectively at a lower cost to the provider. The immediate opportunity for industries like healthcare and insurance is to identify which applications they can accept under 100%, and begin to leverage generative AI for those tasks. Applied to the world of healthcare and insurance, generative AI has enormous potential capabilities. For customers of these industries, costs continue to go up and access to care is dwindling. In the United States especially, going to the doctor is an experience full of friction. Recently, I started to feel a bit unwell the day before a long flight. It wasn’t an emergency situation, but a time sensitive one. Though I’ve been seeing my primary care physician for over 20 years, they couldn’t see me on short notice and sent me off to urgent care. All I really needed was a quick diagnosis to give me peace of mind before I sat on a plane for 16 hours. A technology like ChatGPT has the potential to provide a diagnosis like that, without requiring a trip to the doctor. Or worse, urgent care. Access to healthcare is critical. I have better than average insurance, but still couldn’t get the help I needed when I needed it. Think of how it must be for one of the millions of people who don’t have the same quality of insurance or care. It shouldn’t be like that, nor does it need to be. Technologies like ChatGPT have the potential to democratize healthcare, to make it more available and accessible in a way that betters our collective quality of life. The big question for today’s incumbents is whether they’ll be the ones providing that improved experience, or whether they’ll go the way of Blockbuster. The opportunity to adapt and improve is at their fingertips, but action is imperative.$

Companies

Resistant AI: Unveiling financial crime with sophisticated technology

June 26, 2023

The ACAMS Annual AML & Anti-Financial Crime Conference in Hollywood, Florida, is a high-profile event in the anti-money laundering sector, serving as an annual...

Companies

Streamlining AML and CRA processes: Loomis FX’s success with KYC Portal

June 22, 2023

Organisations worldwide are increasingly seeking ways to optimise their customer risk assessment (CRA) and anti-money laundering (AML) risk management strategies. Implementing effective CRA and AML procedures plays a crucial role in providing an accurate analysis of the potential risks that new clients might pose.

Companies

Australia’s fight against financial crimes: Arctic Intelligence’s CEO pushes for AML/CTF...

June 21, 2023

The Attorney General’s Department (AGD) in Australia initiated a public consultation on 20 April 2023 to discuss proposed reforms to the country’s anti-money laundering and counter-terrorism financing (AML/CTF) regime. These potential changes aim to broaden the current AML/CTF legislation to cover 'tranche-two' high-risk sectors including lawyers, accountants, real estate agents, company service providers, and dealers in precious metals and stones.

Companies

The indispensable role of threat and risk analysis

June 02, 2023

Facing the interconnected and complex financial ecosystems of today, financial institutions are grappling with regulatory compliance and financial crime prevention. Emerging technologies have opened new...

Blockchain

EBA proposes extension of anti-money laundering rules to crypto services

June 01, 2023

The European Banking Authority (EBA) has started a public consultation to review its guidelines on money laundering and terrorist financing risk factors.

Companies

Tackling account takeover fraud: Detecting signs and implementing prevention strategies

May 30, 2023

In a recent post by Alessa, the company detailed how businesses can tackle account takeover fraud and ways to detect signs of it.

Companies

Team8 leads $5m seed round for FinTech start-up Ballerine

May 24, 2023

Ballerine, a leading player in the open-source risk decisioning platform arena, has announced a successful seed funding round.

AML

Alviere and Hawk AI join forces to revolutionise AML tech

May 11, 2023

Alviere, a pioneering embedded finance platform provider, and Hawk AI, a leading anti-money laundering (AML) and fraud prevention tech provider for banking and payment companies, are teaming up.

AML

Iceland’s Arion Bank implements Lucinity to fight money laundering

November 16, 2022

Icelandic bank Arion Bank will implement the software of RegTech platform Lucinity to bolster its defences against money laundering.

Anti-Fraud

Anti-money laundering RegTech Hawk:AI teams with Ondato

August 25, 2022

Hawk:AI, which offers anti-money laundering surveillance technology, has partnered with KYC and customer onboarding company Ondato.

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Tag: Anti-Money Laundering