Modern Data Strategies: Using AI/ML to Fight Banking Fraud

Jens Koegler Financial Services , ,

Originally posted on http://www.vmware.com by Tisa Murdock

Risk has always been top of mind for financial services leaders. What’s different today is their urgency to combat an increasing number of cybercrimes at once. Especially the uptick in fraud. 

No sector has been more regularly targeted during the pandemic than the financial sector, which is why I recommend reading the Modern Bank Heist report detailing how cybercriminals are evolving.

Financial firms finding new success combatting fraud are moving to modern data strategies complemented by responsible and ethical use of AI/ML. Emerging AI/ML technology includes deep learning with large data sets and hardware accelerators, as well as many techniques that perform well on standard microprocessors, to make smart decisions faster and more accurately than humans. 

Read more about how to graduate new technologies from experimental, limited-scope phases to permanent, line-of-business programs in your financial services organization, and subscribe to “Don’t Break the Bank: Run It, Change It,” a podcast for curious minds in the financial services industry. 

Jens Koegler

Jens Koegler is VMware's Healthcare Industry Director in EMEA. He is helping our healthcare customers develop and run modern applications to drive innovation and ensure better patient care through a digital foundation that includes data center, hybrid cloud, mobile, networking and security technologies. VMware plays a strategic role in the healthcare industry. Its leading innovations in enterprise software help ensure consistent patient care and reduce IT access time for healthcare professionals so they can spend more time with their patients. Jens plays a key role in helping customers understand how new applications, devices, the latest IT technologies and digital transformation are driving innovation in healthcare.