As financial crime continues to evolve, Thailand is investing heavily in artificial intelligence (AI) to enhance fraud detection and risk management across various industries.
The country’s push to integrate AI into its financial systems marks a significant step towards more secure digital transactions and more efficient financial crime prevention.
Robust Regulatory Framework Supports AI Adoption
Thailand’s financial sector is benefiting from strong regulatory frameworks that facilitate the use of AI to detect and prevent fraud.
Collaboration among local banks, along with these regulations, aligns the country with global models for combating financial crime.
This strategic approach, inspired by successful implementations in Australia, Europe, and Hong Kong, is expected to drive the next wave of AI-powered fraud prevention systems in Thailand.
Ian Holmes, SAS’s director and global lead for enterprise fraud solutions, emphasised the role of technology in combating financial crime.
Ian Holmes is the director and global lead for enterprise fraud solutions at SAS Institute, a leader in data and AI. (Source: OpenGov Asia)
He explained that real-time payment protection is just one example of how Thailand is using AI to secure digital transactions and prevent fraud.
New account openings are now subjected to stricter verification processes to reduce the risk of scams.
Fraud is not limited to the banking sector, as fraudsters increasingly exploit vulnerabilities across industries, especially telecommunications.
Using compromised phone numbers for social engineering attacks has become a rising threat.
A particularly concerning form of fraud is authorised push payment fraud, where customers are deceived into sending money directly to criminals.
This poses significant challenges for banks, as customers often unknowingly participate in the fraudulent transaction.
To address these challenges, AI is being used to strengthen fraud detection systems across various industries, including financial institutions and telecom companies.
Thailand’s digital ID system, powered by AI, plays a crucial role in speeding up identity verification while ensuring secure and fast processing of transactions.
Source: Freepik
Beyond fraud detection, AI is being applied to automate compliance processes, which has the potential to significantly reduce the manual workload required for regulatory tasks.
The use of large language models (LLMs) to automate the creation of regulatory reports and case notes is being explored, streamlining operations and improving efficiency in managing financial crime compliance.
The successful integration of AI into fraud detection systems hinges on more than just technological innovation.
Proper governance and a clear understanding of the data inputs that drive AI models are essential to ensure accurate and secure operations.
The effective governance of AI is critical for achieving the desired return on investment, with SAS noting that AI governance accounts for 5-7% of total AI project spending.
SAS has invested US$1 billion in the development of AI-powered fraud detection and financial crime compliance solutions over the past three years.
According to Nutapone Apiluktoyanunt, managing director of SAS Thailand, the company anticipates increased opportunities in fraud detection, particularly from investments in online scam prevention and virtual bank services.
Nutapone Apiluktoyanunt, managing director of SAS Thailand (Source: HR Asia Awards)
SAS is focused on providing solutions that address financial crime, risk management, and customer intelligence in the banking sector.
Hamster Kombat, a crypto gaming sensation, has surged to 24.7 million YouTube subscribers, outpacing MrBeast’s recent growth. However, concerns about the legitimacy of its subscribers and potential data privacy risks due to its Russian origins have raised alarms.
AnaisFarcaster, a decentralized social media platform on Ethereum, boasts unique features like "Frames" and blockchain-based user control, backed by figures like Vitalik Buterin. Its meteoric rise to a $1 billion valuation and recent user engagement declines prompt scrutiny over its sustainability and dependency on venture capital.
WeatherlyAndrew Tate's meme coin, Daddy Tate ($DADDY), surged on Solana with his massive online following but faced steep price drops amid controversy and insider trading allegations, posing high risk for investors due to its dependency on Tate's influence and volatile market nature.
JoyHamster Kombat has garnered over 150 million users before its upcoming July debut on TON, marking significant pre-launch success. With rapid growth in user numbers and social media followers in recent months, the outlook for players and the impending token launch looks promising.
CatherineBeneath Telegram games' gloss, risks and fraud lurk. Notcoin's founder Sasha questions the longevity of button-mashing games amidst Toncoin and Notcoin's declining values.
KikyoTelegram's TON blockchain benefits from the popularity of games like Hamster Kombat, engaging millions and promoting blockchain familiarity, while TapSwap faces delays in token distribution, impacting its community and future engagement plans.
WeatherlyZKsync’s recent airdrop saw nearly half of the top recipients selling their tokens, sharply dropping ZK's price. This led to criticism of ZKsync’s airdrop criteria and network issues, with critics arguing that anti-Sybil attack measures were insufficient. Will the price continue to decline?
CatherineMystiko's $XZK token faced a steep decline in value following its exchange debut, despite strong initial community support and a successful funding round.
AnaisSources suggest that President Biden’s re-election campaign is considering accepting crypto donations. Is Biden attempting to appeal to crypto voters like Trump, or has his previously anti-crypto stance softened?
KikyoSolChat offers a blockchain-based communication platform with features like encrypted messaging and wallet-to-wallet streaming. Despite its potential, its $CHAT token has dropped nearly 90% from its peak.
Weatherly