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All Moonshots

AI-powered fraud defense: Turning vulnerability into profitability

URN M24.0.701
Topics Ecosystem management, Fraud management, Open APIs
Finalist

Reimagining fraud management in the digital age through the use of AI agents and secure data sharing

Background The digital age has fueled both unprecedented innovation and a relentless surge in fraud. Organizations across industries are bleeding billions annually, with telcos and financial institutions among the hardest hit. Telcos alone face estimated losses of $38 billion annually, and the financial sector is projected to lose a staggering $40 billion by 2027. These vast losses highlight the increasingly sophisticated tactics employed by fraudsters and the urgent need for new and revolutionary approaches. Problem Statement Traditional fraud investigations, often resource-intensive and slow, simply cannot match the speed and adaptability of modern fraud schemes, especially with the rise of 5G and new digital services. What telcos lack is a system that works round the clock autonomously taking decisions and executing sophisticated workflows to combat fraud. Simultaneously, financial institutions desperately need comprehensive customer data to build accurate risk profiles. However, their access to data is often limited, making it impossible to perform truly thorough credit risk assessments, and identify fraudulent transactions. This gap in intelligence leaves them dangerously exposed to financial risk. The result: an urgent need for a fresh, cutting-edge approach to combatting fraud – one that leverages the full potential of AI agents, while also harnessing unique data assets held by telcos. This Catalyst project isn't just about defense; it's about transformation. Our objectives are: * AI-Agents Powered Defense: Deploy adaptable AI agents that learn, predict, and act in real-time, thwarting fraud in its tracks. * Unlock Data's Power: Harness the unique insights within telco data, while upholding strict privacy standards, to empower financial institutions with unprecedented risk assessment capabilities. * Break Down Silos: Foster secure, collaborative data sharing that benefits both telcos and financial institutions. * Turn Defense into Revenue: Enable telcos to ethically monetize their data, opening a vital new revenue stream. The Bigger Picture: This Catalyst aims to change the game. We envision a future where AI-agents powered defenses, cross-industry collaboration, and secure data-sharing create a powerful, proactive shield against fraud. Follow our catalyst for more updates.

Resources

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Infographic

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Overview Guide

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Videos

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Contact team

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Team members

Cognizant Technology Solutions logo
Econet Wireless Zimbabwe logo
Champion
KPMG International logo
Orange logo
Champion
Safaricom PLC logo
Champion
Subex Inc logo
Torry Harris Integration Solutions logo
Verizon Communications logo
Champion

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