Finance
Singapore monetary authority uses AI to fight financial fraud, validated with real transaction data
The Monetary Authority of Singapore is validating artificial intelligence models for detecting financial fraud using real bank account information and transaction data. It is running a joint project with Singapore’s Government Technology Agency and the police to improve fraud detection. MAS is pooling historical transaction data from five banks and training and evaluating models using participating banks’ actual account numbers. It also set up security measures, including hashed account numbers and controlled data-sharing environments.
