Fighting crime with AI? Sounds like a great sci-fi movie, but it’s a reality. Today’s guest, David McLaughlin, founder and CEO of QuantaVerse, uses next-gen AI systems to help root out fraud and other financial malfeasance. You’ve heard the saying, ‘follow the money.’ But do you also know the breadth of positive changes that can happen in a society where financial fraud is eliminated?
- David talks about how banks can use the AI to identify how criminals are moving money around – laundering, corruption, bribery – but the key is the AI code must be well-written. That’s what QuantaVerse does differently: they go above and beyond the line by line transactions in the banking industry. It’s an AI that looks at the bigger picture.
- Often banks that are in hotspot areas for corruption close branches because of the risks, and David explains how AI can help them stay in compliance, and more importantly, in business. It’s called ‘de-risking,’ and the first thing banks should do with the technology is fix the false negative problem.
- The implications of financial fraud are far-reaching, even causing people to live in abject poverty. There’s no access to capital and areas that are a haven for criminals never prosper in a way that benefits society. David and Tom discuss how this can change with the AI.
- Efficiency is always a concern. David shares some of the most common inefficiencies he’s seen and how AI can help bring a faster, better way of doing things to the forefront. It can process vast amount of data, historical transactions, connections and more is a fraction of the time it would take a human.
- QuantaVerse’s AI isn’t just for banking. Its core programming can be adapted for many different markets. David shares how this is accomplished, starting with the Chief Audit Executive Checkup.
- The AI technology is predictive, and David and Tom discuss how this affects seasonality and other factors and anomalies. The vast amounts of data AI can process allows it to fight crime and corruption on a whole new level of efficiency and effectiveness.
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Fighting crime with AI? Sounds like a great sci-fi movie, but it’s a reality. Learn on Innovation in Compliance.Click to tweet