FICO Reveals Function of AI and ML Technologies in Fighting Financial Crime

General Manager in Asia for FICO Asia Pacific, Dattu Kompela (Dinda Buana/VOI)

JAKARTA - Artificial Intelligence (AI) and Machine Learning (ML) technologies have long been considered very effective in fighting financial crimes, especially money laundering crimes.

Based on the findings of FICO, a leading global provider of advanced analytical software, AI and ML have even been used for more than 30 years for fraud detection.

But for now, considering the many cases of personal data theft or account hijacking, General Manager in Asia for FICO Asia Pacific, Dattu Kompella said that ML and AI can also be used to improve application security by detecting security holes that may exist in applications.

By using AI, companies especially in the banking sector can check application code automatically and provide warnings if there are security holes that need to be fixed.

However, Kompella said there is no definite level of accuracy with the use of AI. Because according to him, everything returns to the company's decision to take further strategy.

"This (AI) helps several fields in making these decisions using mathematical models. FICO helps you make the right decisions and then also helps you monitor these decisions," Kompella said during the official launch of the FICO platform in Indonesia on Tuesday, August 29 in Jakarta.

So in general, FICO will help companies make decisions (decision making). After that, FICO will monitor whether the decision is right or not.

Furthermore, they will also assist the company in checking whether the strategy taken by the bank is correct or not, so as to improve the strategy.

"So if it is said to be accurate or not, they (the company and FICO) complement each other there," he concluded.