In a recent post by Hawk AI, the firm asked how banks can use AI to manage instant payment fraud risk.
The convenience of instant payments brings heightened risks of fraud, money laundering, and terrorist financing.
Banks are under a tight ten-second window to screen payments for risks, including money laundering and terrorist financing.
Banks must leverage AI and technology for speed, precision, scalability, pattern and anomaly detection, and reducing false positives to combat instant payment fraud.
Immediate and precise checks are crucial, given the ten-second window for processing instant payments.
The technology can discern deviations in transactions from billions of others, offering a robust solution for fraud detection at scale.
Reducing false positives is equally important to maintain customer satisfaction and streamline the instant payment process.
