How AI Is Reshaping Financial Crime Prevention and Why Explainability Is the New Battleground
About this episode
The episode discusses the impact of AI on financial crime prevention and the importance of explainability in fraud detection systems.
Financial crime is no longer a peripheral concern for banks and fintechs; it is a defining operational challenge. The pressure to grow transaction volumes, onboard customers quickly, and keep pace with increasingly sophisticated fraud actors has placed finance and compliance teams at the very heart of business strategy. For many institutions, the question is no longer how to use artificial intelligence in their fraud detection stack, but how to use it responsibly. In this Security Strategist podcast, hosted by Jonathan Care , Senior Lead Analyst at KuppingerCole , he speaks with Kunal Datta , Chief Product Officer at Unit21 , about the changes in financial crime prevention technology and the gaps that remain in the industry. The role of AI in fraud detection For most of the past two decades, financial crime prevention operated on one of two tracks. Larger, data-rich institutions invested in machine learning models capable of identifying complex behavioural patterns across millions of transactions. Smaller players, or those entering new product categories with thin data histories, tended to rely on rules-based systems, which are explicit…
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