Following the news that Revolut may have enabled thousands of money-laundering transactions to pass over its platform following a mistake in its systems, please see comment below from Colin Bristow, fraud & anti-money laundering specialist at data leader SAS, on why companies have to invest in AI solutions if they want to stay ahead of the tide of digital fraud.
Colin Bristow, Fraud & Anti-Money Laundering Specialist at SAS UK & Ireland:
“Revolut may have enabled thousands of fraudulent payments simply because its systems could not accurately identify suspicious transactions and block them at the same time. Financial organisations are facing a mountain of transaction data in the fight against money-laundering – but that’s not an excuse for leaving a gaping hole in your net.
“Anti-money laundering efforts need to be highly accurate and extremely fast – much faster and more accurate than any human could be. Revolut’s problems show the damage that an inadequate system can cause to a business’s brand and customer relationships. It’s imperative to have the right technology in place to detect possible financial crimes quickly for money laundering and fraud management purposes.”
“Financial organisations need to invest in advanced analytical capabilities to ensure they can spot fraud before it even begins. Artificial intelligence can not only help identify trends in large datasets, but also advise on the best action to take in response. For example, it could have flagged up that Revolut’s new system was no longer blocking suspicious payments and quickly advised anti-fraud teams to intervene.
“Money-laundering is a pervasive problem that all challenger brands – and major banks – have to face. As finance increasingly goes digital, fraud is getting harder and harder to spot. Businesses must use advanced technologies like AI to stay on top of the rising tide – or fall prey to ever-more advanced fraudsters.”
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