The Monetary Authority of Singapore (MAS) today announced that it is working with partners in the banking industry, the Government Technology Agency of Singapore, and the Singapore Police Force to combat financial crime, using artificial intelligence and machine learning (AI/ML) techniques to enhance scam detection capabilities.
2 As part of broader efforts to harness AI/ML for industry-wide use cases, MAS is conducting a Proof-of-Value (POV) to explore AI/ML techniques for pre-emptive scam detection. By bringing together data
3 To support the POV, MAS has provided industry partners with a secure data sharing environment governed by policies and protocols to safeguard customer information. A secure data sharing framework with industry participants has also been established to ensure that data will be protected and used responsibly. Data used in the POV will remain confidential and protected with cryptographic techniques. Bank account numbers used will be hashed
4 The current POV lays the groundwork for deeper industry collaboration, harnessing AI/ML to enhance and complement individual financial institution’s existing efforts in preventing and countering financial crime. After assessing the effectiveness of the POV and learning from it, MAS may expand the scope and sophistication of AI/ML models used – incorporating broader datasets, and a wider set of use cases to further fortify our financial system’s defences against criminal activity.
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[1] For purposes of the POV, historical transaction data with bank account numbers from participating banks will be used to train and evaluate AI/ML models to assess their potential for improving scam detection.
[2] Hashing is a one-way algorithmic process which substitutes input data with a unique set of generated values.
