February 24, 2024

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Adopting AI-Powered Technology for Fraud Prevention in the Philippines

The complexities of state-sponsored terrorism, professional criminals, and basement bad actors are becoming more difficult to comprehend, track, expose, and prevent. In today’s world, detecting fraud requires a comprehensive approach that matches data points with activities to determine what is abnormal.

An international tech giant behemoth has unveiled details of its upcoming AI-powered chip designed to bring deep learning inference to enterprise workloads to help address fraud in real-time, to identify and stop a variety of fraud attacks and crime quickly and accurately – while improving customer and citizen experiences.

The AI chip includes on-chip acceleration for AI inference during a transaction. The breakthrough of the new on-chip hardware acceleration, which took three years to develop, is intended to help customers achieve business insights at scale across banking, finance, trading, insurance applications, and customer interactions.

According to recent research commissioned by the tech company, 90 % of respondents said it is important to be able to build and run AI projects regardless of where their data resides. According to the company, the technology is intended to allow applications to run efficiently regardless of where the data resides, assisting in overcoming traditional enterprise AI approaches that tend to require significant memory and data movement capabilities to handle inferencing.

Businesses in the Philippines require this technology support; in 2017, an internal fraud involving the theft of 1.75 billion pesos ($34.5 million) at a major Philippine lender was revealed, in the latest controversy to afflict the Philippine banking sector. According to reports, the bank discovered the fraud after a client denied taking out the loans. During the coronavirus disease 2019 (Covid-19) pandemic, there was an increase in digital fraud attempts against businesses and consumers in the Philippines.

“With this tech, the accelerator close to mission-critical data and applications means that enterprises can conduct high volume inferencing for real-time sensitive transactions without invoking off-platform AI solutions, which may impact performance. Clients can also build and train AI models off-platform, deploy and infer on a system for analysis,” the company said.

As per the company, businesses typically use detection techniques to detect fraud after it has occurred, a process that can be time-consuming and compute-intensive due to the limitations of today’s technology, especially when fraud analysis and detection is performed far away from mission-critical transactions and data.

“Due to latency requirements, complex fraud detection often cannot be completed in real-time – meaning a bad actor could have already successfully purchased goods with a stolen credit card before the retailer is aware fraud has taken place,” it said.

The new chip has an innovative centralised design that enables clients to use the full power of the AI processor for AI-specific workloads, making it ideal for financial services workloads such as fraud detection, loan processing, trade clearing and settlement, anti-money laundering, and risk analysis. The chip has 8 processor cores with a deep superscalar out-of-order instruction pipeline and a clock frequency of more than 5GHz, which is optimised for the demands of heterogeneous enterprise-class workloads.

“With these innovations, clients will be positioned to enhance existing rules-based fraud detection or use machine learning, accelerate credit approval processes, improve customer service and profitability, identify which trades or transactions may fail, and propose solutions to create a more efficient settlement process,” said the tech company.

Fraud detection and prevention is not a one-time event. There is no beginning or endpoint. Rather, it is a continuous cycle of monitoring, detection, decisions, case management, and learning that feeds detection improvements back into the system. Organisations should strive to learn from fraud incidents continuously and incorporate the findings into future monitoring and detection processes. As artificial intelligence and machine learning become more common, the next generation of technologies is automating manual processes associated with combining large data sets and utilising behavioural analytics.


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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