Machine learning for fraud prevention

Crimes, such as fraud and money laundering, are increasingly committed with sophisticated digital technology. Our client, a global management consulting firm, was undertaking a major digital transformation project for a law enforcement entity tasked with preventing fraud by preparing for emerging threats. The client did not have experience in this niche area, but recognised that the law enforcement agency would require a detailed product development roadmap to effectively address these emerging threats. The client needed a complete roadmap to develop new anti-financial crime solutions, and information about other entities, such as financial institutions, which could help combat these threats.

We assembled a project team including two world-class experts: one of our experts had experience in existing artificial intelligence (AI) technologies used to prevent fraud and money laundering activities. Our industry expert had comprehensive knowledge of the global best practices for law enforcement agencies’ integration and use of such technology.

Our technology expert helped complete technology forecasts that identified the major game-changing technologies that could help prevent fraud and money laundering activity over the next five years. Then, we identified what technologies criminals will use to commit fraud and money laundering, and what innovations law enforcement and financial institutions can use to prevent this activity. Lastly, we identified early-stage innovations from two academic institutions and commercial products from two companies that offered the best technology assets and solutions to prevent fraud and money laundering activity.

How to use technology to combat fraud and money laundering

CamIn’s industry team provided an analysis and forecast on specific actions that law enforcement and financial institutions could take to stay ahead of technology-driven financial crime. The analysis evaluated solutions at the stage of crime detection and prevention, as well as those that could be used to dismantle technology-driven financial crime networks. We also advised on best practices used in both the public and private sectors to demonstrate the specific benefits of investing into new technologies. Our client completed their digital transformation engagement with the law enforcement entity in just six months, helping the agency in its efforts to technology-driven financial crime.

Our analysis identified certain emerging technologies that are likely to accelerate fraud and money laundering activities over the next five years. We also found innovative solutions that can prevent such activities, and the best practices for the adoption of effective financial crime prevention technology. As a result, our client completed their digital transformation engagement with the law enforcement entity in just six months, preparing their customer to quickly adopt new innovations to better prevent technology - driven financial crime.