ANZ Bank, one of Australia’s leading big banks, initiated a project and shared its algorithm to assist with the detection of money laundering activity across Australia’s ATM network. The project was implemented as part of the AUSTRAC-led Fintel Alliance.
AUSTRAC – Australian Transaction Reports and Analysis Centre – is the Australian Government agency combating the abuse of the financial system.
The project led to targeted operations in 2020 and 2021 that produced significant law enforcement outcomes including arrests across Australia, ANZ revealed.
ANZ revealed the bank had made heavy investments in recent years to enhance its financial crime data and analytics capabilities.
This included the development and deployment of dynamic algorithms that have helped detect and prevent criminal activity faster and more accurately.
“Behavioural Biometrics In Digital Channels Helping To Fight Fraud using AI and ML”
Behavioural biometrics is an innovative technology that takes behavioural signals from how a customer interacts with a web page or device and, adds an extra layer of security and fraud detection.
This technology analyses a customer’s digital interaction behaviours such as keystroke movement and other behavioural attributes.
It can help identify situations where it’s likely a device is being used by an imposter or fraudster rather than a genuine customer.
ANZ stated its behavioural biometrics solution uses artificial intelligence and machine learning to help protect digital channels against account takeover and fraudulent transactions.
Westpac implements scam-detection technology, and delivers real-time alerts covering all banking channels
With a spike in scams targeting Australians, Westpac said its “new technology will send Westpac branch employees real-time alerts as payments are being processed, so those suspicious transactions can be identified and investigated on the spot”.
Westpac noted the technology be implemented to help across transactions in branches and digital and mobile banking channels.
