Singapore is stepping up efforts to combat financial scams by deploying artificial intelligence and machine learning across its banking sector. The Monetary Authority of Singapore is working with major banks, the Government Technology Agency, and law enforcement to test advanced AI models that can detect suspicious transactions before fraud occurs. This initiative, known as a Proof-of-Value project, combines anonymized data from multiple banks to improve the accuracy of scam detection systems. By identifying high-risk accounts early, authorities aim to reduce financial losses and enable faster intervention. Strict data protection measures are in place, including encryption and controlled access, to ensure customer privacy is safeguarded. Officials say the project could lead to broader adoption of AI tools across the financial system, strengthening national defenses against increasingly sophisticated cybercrime and fraud.
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https://en.vietnamplus.vn/singapore-deploys-ai-to-combat-financial-scams-post342171.vnp
