MAS collaborates with banking industry to use AI in fighting against financial crime
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The Monetary Authority of Singapore (MAS) is collaborating with the banking industry, the Government Technology Agency, and the Singapore Police Force to combat financial crime using AI and machine learning. They are conducting a Proof-of-Value (POV) to enhance scam detection by analyzing data from five banks. This initiative aims to identify high-risk transactions and reduce customer losses. MAS has established a secure data sharing environment to protect customer information, with plans to expand AI/ML models based on the POV's effectiveness.
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