The Monetary Authority of Singapore (MAS) announced on May 4 it is using artificial intelligence and machine learning to improve detection of financial scams and combat financial crime in Singapore [1]. MAS is conducting a proof-of-value (POV) exercise leveraging transaction data from five banks to develop AI and machine learning models that identify higher-risk transactions and accounts [1].
The exercise intends to allow timely assessment and intervention by banks and authorities, helping to reduce customer losses by quickly flagging suspicious activity [1]. MAS is collaborating with the banking industry, the Government Technology Agency of Singapore, and the Singapore Police Force as partners in the project [1].
To protect customer data privacy, the POV uses a secure data-sharing environment with strict policies and cryptographic measures such as hashing bank account numbers before use by AI systems [1]. MAS has committed to deleting all data after the conclusion of the exercise [1].
Depending on the results of the proof-of-value, MAS may expand the scope and sophistication of AI and machine learning models by incorporating more data sets and additional use cases [1].
The public announcement on May 4 marks the start of the POV effort by MAS and its partners to harness AI technologies in financial crime prevention [1].
