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AI-Driven Financial Crime: South African Banks' Compliance Response
South African financial institutions face a rising tide of financial crime enabled by artificial intelligence. Nearly 60% have observed an increase in these technologically advanced crimes, driving up compliance costs to an estimated $1.4 billion. Firms are investing in AI-powered monitoring systems and blockchain to combat this growing threat. Public-private partnerships are increasingly important for sharing intelligence and developing counter-measures, as illustrated by South Africa's Project Blood Orange. Customer expectations for seamless, secure services create a need for financial institutions to balance robust security measures with customer experience. Many institutions acknowledge the need to strengthen their ability to combat AI-driven fraud despite the measures in place.
Published on 10 months, 2 weeks ago