Greg Woolf, CEO at the security firm FiVerity, talks about the role of machine learning to fight synthetic ID fraud. Twenty financial institutions are working together to identify how machine learning can be used to detect fraud, Woolf says. Regulators are also considering issuing regulatory changes as well as devising updated definitions of synthetic ID and money laundering fraud, he adds. Woolf has advised the U.S. Congress on how AI can improve financial crime detection. He has more than 20 years of experience running FinTech companies.”]
Source: https://www.bankinfosecurity.com/synthetic-id-aml-fraud-new-regulations-to-come-out-soon-a-15351