The Think Tank is comprised of senior executives from top financial institutions and regulatory agencies to explore the potential for AI and ML to improve fraud detection.
Following an upsurge in fraud during the pandemic, the group has narrowed its focus to the growing threat of digital fraud. FiVerity is currently the meeting organizer and moderator.
Fighting fraud via information sharing has been a key focus for the group, which believes collaboration should play a critical role in fraud mitigation across financial institutions.
The initiative has advised members of the U.S. Congress on a collaborative model that can be used to combat digital fraud via information sharing, which was included in the COUNTER Act of 2019 and the AML Act of 2020.
THE INITIATIVE’S SUCCESS IN WORKING WITH CONGRESS TO MAKE A POSITIVE CHANGE TO DIGITAL FRAUD PREVENTION:
Combating Money Laundering and Other Forms of Illicit Finance: Regulator and Law Enforcement Perspectives on Reform.
Think Tank prepares questions for Senate Banking Hearing
(3 min video)