Revolutionizing Fraud Prevention - Harnessing AI and ML to Safeguard Banking from Fraud

Explore a 31-minute conference talk from the Toronto Machine Learning Series where CIBC's Director of Risk Control and Fraud Analytics, Angela Xu, and Senior Fraud Data Analyst, Kemi Borisade, delve into innovative approaches to combat banking fraud. Learn how CIBC addresses the critical challenge of fraud prevention, responding to the Canadian Anti-Fraud Centre's reported losses exceeding CAD $550 million in 2023. Discover the implementation of next-generation self-learning Machine Learning models with custom thresholds, designed to overcome limitations of traditional rule-based strategies while balancing sales objectives and risk management. Gain insights into how the integration of Optical Character Recognition (OCR), graph databases, Natural Language Processing (NLP), and foundational models enhances documentation validation and fraud detection capabilities. Understand the transformative impact of AI and ML technologies in creating more robust security measures, reducing false positives, and strengthening client protection in the Canadian banking sector.