Banking Fraud will now curb Artificial Intelligence, NPCI is working in this direction

The National Payments Corporation of India (NPCI) is working on some artificial intelligence-based model that will be helpful in detecting banking fraud. NPCI managing director and CEO Dilip Abbay gave this information on Tuesday. Indeed, banks and finance systems are now using new technologies to further their business. 

Speaking at the RAISE 2020 event, Asbe said that financial services are still very rules-based and the industry has begun to pay attention to Artificial Intelligence.

He said that many banks have launched chatbots, many banks have launched fraud detection robo advisory services, while high frequency trading is known to use Artificial Intelligence and Video KYC.

Asbe said that these are areas where artificial intelligence is being used alone in decision making or decision support mode. The NPCI CEO said, “We are also trying to work on a fraud detection model based on Artificial Intelligence.”