ARTICLE
How AI Is Changing Fraud Detection and Financial Crime Operations
Fraudsters are using AI to make scams more convincing, identities harder to verify and attacks easier to scale. For banks and insurers, the challenge is no longer just spotting suspicious activity. It is identifying when a genuine customer is being manipulated and acting before the damage is done.
At a recent MoneyLIVE discussion, Simen Austrått, Head of Intelligence FC3 at DNB; Mart Roosimägi, Head of AI Scaling and Strategy – Baltic Banking at Swedbank; and Rob Woods, Senior Director, EMEA Fraud & Identity Strategy at LexisNexis® Risk Solutions, explored how financial institutions can respond to an increasingly sophisticated fraud landscape.
The biggest threat isn't always a fake identity
AI-powered social engineering is making it harder to distinguish legitimate customers from fraudsters. Deepfakes and increasingly convincing scams can exploit trust, even in markets with established digital identity systems.
As the discussion highlighted, systems such as BankID provide important security, but they cannot eliminate the risk of customers being manipulated into authorising transactions or sharing access.
The challenge is to look beyond whether someone has passed an identity check and understand what is happening around the interaction. A legitimate identity does not necessarily mean a legitimate transaction.
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About LexisNexis® Risk Solutions
LexisNexis® Risk Solutions provides customers with information-based analytics and decision tools that combine public and industry-specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency. Headquartered in metro Atlanta, Georgia, the company has offices throughout the world, serves customers in more than 190 countries and territories and is part of RELX. For more information, please visit LexisNexis Risk Solutions.
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