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The United Nations Office on Drugs and Crime estimates that US$800 billion to US$ 2 trillion is laundered through worldwide financial systems each year. That is an astonishing 2-5% of global GDP. The fight against money laundering and other financial crimes is a never-ending battle. No sooner have financial institutions got to grips with one tactic, than the criminals have moved on to new methods and alternative strategies.
The rise of the digital economy during the Covid pandemic has opened new avenues for financial crime and the perpetrators have been quick to exploit them. Often financial institutions are hampered by outdated legacy systems and software which make it hard to comply with updates and new measures which are introduced to reinforce AML frameworks. The criminals, by contrast, are nimble and can adapt quickly.
In this ongoing fight against financial crime, financial institutions must stay ahead of the myriad of ways bad actors are trying to infiltrate their systems. Increasingly, cutting-edge technologies such as advanced analytics, AI and ML have become the ammunition deployed by banks to bolster their frontline defence.
To mitigate challenges posed by such crimes, financial institutions are increasingly looking to AI and ML to help them get the upper hand – to harness the potential of advanced analytics.
Most financial services companies are aware that AI is getting faster and cheaper and offers smarter ways to tackle financial crime. For example, AI can scan enormous amounts of data and identify patterns, behaviours and anomalies faster than any human can. It can analyse voice records and detect changes in emotion and motivation that can give clues about fraudulent activities. AI can investigate linkages between customers and employees and alert organisations to suspect dealings.
Singapore, as one of the major financial hubs, has worked together with the regulatory agencies in the fight against financial crimes like money laundering and terrorism financing (ML/TF). The regulatory authorities and law enforcement agencies are keen to tap public-private collaboration and catalyse the effective use of enabling technologies to prevent criminals from abusing the financial system.
Singapore financial institutions are also looking at better ways to stay ahead of the bad actors and keep the robustness of the entire ecosystem. This points to the question: How can financial institutions take advantage of the tools and techniques available now while preparing themselves for what the future might look like?
The Fraud and Financial Crime Day held on 07 Apr 2022 was aimed at imparting knowledge on how Singapore financial institutions can accelerate the adoption of cutting-edge technologies like advanced analytics, artificial intelligence and machine learning to fight the ever-evolving financial crimes.
Contending with the threats of fraud
Kicking off the session, Mohit Sagar, Group Managing Director & Editor-in-Chief, OpenGov Asia acknowledges that the pandemic brought significant changes in culture and perspective. However, the technology that was adopted was what he calls, “band-aid technology” – ad-hoc and temporary measures to stay afloat during the crisis.
The pandemic moved things quickly – organisations grew sophisticated in their use of digital tools quickly and began using deploy tech rapidly. Moreover, culture and the perspective on tech have changed fundamentally. While banking was once leading the market in tech deployment, retail has taken over because consumer habits have changed to accommodate stay-at-home orders and movement restrictions.
In the digital age, the implications of financial crime against banks and other financial services institutions are accelerating rapidly, Mohit asserts. Fraud prevention now represents one of the biggest areas of concern for the financial services industry and is likely to have bigger ramifications in the coming years. There is the fraud that goes undetected, impossible to account for and assess.
Digitalisation presents opportunities and challenges. Technology as a tool is a two-edged sword capable of swinging both negatively and positively. The same thing could be said for financial crimes cases. While technology serves investigators and prosecutors in their fight against crime, it has also given criminals an easy way to carry out fraudulent practices.
Closing his address, Mohit strongly recommends organisations look for specialists to partner with. “Let the experts do what they do best,” Mohit urges. “It not only allows the best systems and infrastructure to be put in place but also frees up the organisation to focus on driving growth.”
Harnessing technology against fraud
Gerard McDonnell, Fraud & Security Intelligence Regional Solution Director, SAS spoke next about how advanced analytics, AI, ML and robotics can help to mitigate major disruptions.
Police figures show that there was US$ 67 million worth of scams in 2021 and swindlers laundered nearly US$ 3.72 billion conned from over 10,100 victims in internet, phone and investment scams in Hong Kong and abroad through local bank accounts and cryptocurrency wallets over the past 4½ years.
Gerard pointed out that the current climate is the perfect storm for scam attacks. The pandemic has driven the “unbanked” into the digital banking world. However, the “newly-banked” are clueless and emotionally vulnerable while scammers are getting smarter and more sophisticated.
Against such a backdrop, understanding the identity of an online user is the cornerstone to solving the complex business challenges across the customer lifecycle, Gerard claims.
Introducing identity security, Gerard explained the approach SAS takes in building the digital hub and ensuring identity security – the orchestration of intelligence, ML and decisioning, authentication and digital identity.
Gerard shared the case example of Axcess Financial. For 25 years, the organisation has served hardworking people who have experienced life’s unpredictable moments to obtain the money they need when they need it.
Axcess Financial had traditional fraud detection measures in place, but its legacy system was not designed to handle today’s sophisticated and coordinated attacks. As the business grew, so did the number of fraudulent applications, resulting in substantial monetary losses.
Axcess Financial turned to SAS because it needed a better way to detect and adapt to new identity fraud trends in real-time.The results were excellent:
- Millions of dollars were saved by addressing first-party, third-party and synthetic fraud
- Fraud trends were identified in real-time while reducing false positives
- Third-party fraud was cut by more than 80%
- Multiple layers of authentication were put in place data for rapid, centralised authentication of digital users
- There was higher customer satisfaction and a more streamlined application process for good customers
As the only vendor that is a leader in Compliance, Data Management and Data Science, SAS offers the following advantages:
- Smarter More Agile Decisioning: Richer, more accurate fraud scoring. Less False positives, more True positives
- Smarter ‘End-to-End’: Better results for all the components; KYC, screening, authentication, fraud, AML
- Better Customer Experience: Faster, seamless experience for ‘good’ customers. Quicker detection of ‘bad’ customers
In conclusion, Gerard believes that there are tremendous benefits to be reaped from the use of AI and ML in fraud detection that can help financial institutions cope with the rise of financial crimes.
Deploying technology against financial crimes
“Is the deployment of AI to manage fraud and cyber security risk incidents an inevitable path?” Chen Jee Meng, Head of Financial Crime, Compliance, Maybank, Singapore begins. He points out the similarities across Financial Crime, Fraud and Cybersecurity domains: 1) Voluminous, 2) Costs and shortage of expertise (versus increasing professional and technical sophistication of crime perpetrators and fraudsters), 3) Rule-based is important but needs to be augmented and 4) Evolving Environment e.g. changing typologies, increasing attacks, etc.
Accordingly, he proposes re-looking at several aspects: 1) Sufficiency of manual responses vis-à-vis fast-moving situations, 2) Handling a vast amount of data and 3) Adapting institutional financial crime risk strategies to a continually altering landscape
For Jee Meng, there are several use cases in AI applications in financial crimes and fraud.
Firstly, the use of risk scores with added parameters. It utilises traditional customer profiling based on data sets. However, the key differences are that profiles can be updated in real-time after each transaction and there is continuous learning in terms of the transaction amount, time, card use frequency and IP addresses. The net effect is that there is increased accuracy in the assessment of transactional fraud risk.
Next, it offers Digital KYC and helps in countering deep fakes.
Thirdly, it has applications in Financial Markets for the detection of anomalous behaviour e.g. insider trading.
In cybersecurity, there are also notable use cases, Jee Meng notes:
Advances in Combating Anomalies
Continuous monitoring of variances in network traffic e.g. detecting risky patterns in email sending frequency that may point to the use of email for an outbound attack.
Detection of Social Engineering and Spam
The identification of not-safe-for-work and other images (such as logos) or to better detect spam email and phishing attempts, emails with hidden content and messages from newly created domains.
Detection of Advanced Malware
While the traditional approach involves monitoring and searching network traffic for known indicators of compromise, deep learning involves analyzing massive data to make inferences about malware before it is ever opened.
In terms of tips on how to integrate AI into operations, Jee Meng offered two pieces of advice:
It is important to go beyond traditional cross-functional teams:
- Reviewing key enterprise AI capabilities
- Considering all data set, from existing to emerging sources
- Ensuring the right data was available for the right analytic techniques
Upskilling / Reskilling of the workforce is vital
- Employees have an ongoing fear of whether they will become redundant, which requires attention
- Recognising that human intervention is still required
- Shifting mindsets by providing the roadmap for a successful financial crime and fraud detection
In closing, Jee Meng highlights some of the challenges in AI deployment for many organisations. The first is that organisations need to consider the various distribution, channels and products. Secondly, AI needs to be adapted to detect fraudulent and cyber threats – AI needs to be constantly tweaked, tuned, and measured for continued effectiveness. Finally, AI needs to be built on realistic Anomaly Detection Algorithms versus the Changes in the Enterprise Behaviour (i.e. non-static).
Combating money laundering through technology
Ahmed Drissi, Anti-Money Laundering Lead, APAC, SAS, spoke next on the use of technology and the best practices banks need to fight money laundering.
“How do we fight crypto money laundering,” Ahmed asks. “Crypto is fast becoming a mainstay; financial institutions need to understand the latest risk and how it will impact our customers.”
In reviewing the crypto market, he notes how events have been responding to this growth. “It took about 50 years to grow credit cards’ volume of payments from 0 to US$14 trillion across companies and only 4 years for US$ 4.3 trillion in cryptocurrency payments!”
The initial response from banks was the de-risking of crypto because of cross border concerns, anonymity and intermediaries. However, financial institutions are embracing Cryptocurrency Custodial Services in 2021:
- PayPal is adding crypto buying, selling, and custody features to “Venmo and select international markets”
- Deutsche Bank plans to offer crypto custodianship, trading and token issuance services.
- BBVA Bank offers crypto trading and custody
- BNP Paribas offers security token transfers
He notes the following trends about the stand of financial institutions vis-à-vis cryptocurrency.
- FIs offering crypto services (i.e., Fidelity, Square, DBS…)
- FIs providing services to Crypto Businesses (i.e., Signature, Provident.)
- FIs Observing or not engaging with Crypto-Assets
Yet all the above FIs, Ahmed notes, face the risk posed by cryptocurrencies through their customers buying cryptocurrency. The challenge, then, lies in recognising the differences between money laundering and regular crypto exchange
He gave two examples of the risk that financial institutions face:
- Decentralised Exchange
Unlike centralised exchanges held on platforms and properly regulated by the same AML regulations, decentralised exchanges have No KYC, No SARs (STRs), No transaction monitoring, No registration and No record-keeping
- Risk of NFT
Money laundering for NFT can take the following process:
- Placement: Illicit actor purchases NFT with ill-gotten gains (e.g., ransomware, Dark Web)
- Layering: NFTs purchased and sold by and among illicit actors without limitation
- Integration: Illicit actor sells NFT, absent formal record or justification for the movement of funds
In a review of the Crypto Regulatory Landscape, Ahmed shares that in September 2020, FATF released a report on Virtual Assets Red Flag Indicators of ML/TF. That meant that for banks to detect any of the red flag indicators of ML/TF, they must be able to accurately identify and monitor all crypto-related transactions.
Accordingly, FATF requires obligations to obtain, hold, and transmit required originator and beneficiary information associated with Virtual Asset transfers to:
- Identify and report suspicious transactions
- Take freezing actions
- Prohibit transactions with designated persons and entities
VASP Identity fields are also required by FATF:
- Originator’s name
- Originator’s account number where such an account is used to process the transaction
- Originator’s physical address or national identity number or customer identification number that uniquely identifies the originator to the ordering institution, or date and place of birth
- Beneficiary’s name
- Beneficiary account number where such an account is used to process the transaction
However, Ahmed also notes that there are emerging challenges for VASPs:
- The ‘sunrise issue’ staggered enforcement of crypto AML regulations
- Counterparty VASP Due Diligence
- Cybersecurity, privacy and data protection
Ahmed shared some of the best practices in monitoring virtual currencies in the payment networks. A typical name-based system may entirely miss up to 70% or more of the crypto exchanges out there and up to 90% of the actual transaction volume.
Most open-source lists are incomplete, perhaps covering the top 100 exchanges, leaving out the other 600+ exchanges. Many exchanges do not operate a business under their popular name. He concludes that name matching is not sufficient to find all cryptocurrency exchanges, resulting in significant missed exposure.
For Ahmed, better red flag indicators of ML/TF are:
- Converting a large amount of fiat currency into VAs with no logical business explanation
- Potential crypto money mule or scam victims
- Sending funds directly to high-risk or sanctioned regions
- Sending funds directly to a wallet tainted by a sanctioned entity
- Direct and indirect transactions with dark markets
- Use of mixing services
In conclusion, Ahmed emphasised the importance of understanding the threats from cryptocurrencies because of their increasing preeminence. Fighting money laundering has become a complex challenge that requires intelligent solutions.
Fireside Chat with Frankie Phua
Following that, Mohit led the delegates into a conversation with Frankie Phua, Managing Director and Head of Group Risk Management, United Overseas Bank about strengthening a Risk Management Framework Through Advanced Technologies to Combat Financial Crimes
On the trade-off between offering convenience and safety in services, Frankie remarks that, as banks digitise, the inclination is to make it easy and seamless for customers. However, if the customer journey is too simple, scammers can socially engineer the behaviour of the customers. For him, scams are a big problem but they should not stop the process of digitisation. The key lies in educating the public on how to respond to scams.
When it comes to transactions outside the box – the anomalies – Mohit was keen to know if the responsibility lies with banks and whether banks should pick it up.
Frankie believes that it depends on the types of fraudulent activities. If it is an impersonation scam, it might be difficult for the banks to alert their customers. Where the bank could step in is in phishing and third party scams.
Regarding the use of tech and AI in the messaging for customers, Frankie does not believe that any one population is more vulnerable to scams and opines that scams apply to all. In this case, there is no need to segment the market. The important thing to do is to educate users on phishing scams and ways to be vigilant.
Confidential Computing in mitigating money laundering
Christopher Tan, Partner Revenue Acceleration Director – APJ, Intel, spoke next on ways to create trust, reduce cost and complexity, as well as make confidential computing a reality.
“Achieving digital transformation remains challenging,” Christopher opines. There is an expectation that today’s (or yesterday’s) technical foundation will work well for digital transformation, which can be a dangerous assumption. Digital transformation pushes the boundaries of what is needed from a technology foundation.
For Christopher, it is not just about performance, but also about data placement, security, and productivity without boundaries. He has three indicators: 1) Performance: Performance is just one component of building the right foundation for digital transformation, 2) Data Placement: More demands on storage and networking for strategic data placement that optimises for analytics and AI and 3) Security: Need for security at scale to support workforce and data in a distributed world
Christopher shares that Intel’s commitment is helping customers advance their digital transformation plans today while also setting them up for the future with the right technology foundation.
From his experience interfacing with customers, there are four key areas of concern:
- Work is decentralised and employees need ways to connect and stay productive.
- There is a need to go faster in cloud adoption as an effective way to scale services and be agile
- Data analytics and AI only continue to grow in importance where it is more important than ever to be able to analyse data that creates intelligence everywhere for better outcomes
- Security continues to grow in importance with a decentralised workforce – the growing adoption of edge computing makes it paramount to have a comprehensive and multilayered security strategy
As the world becomes more connected, organisations are seeing exponential growth of data, Christopher observes. To process the data, new computing opportunities such as cloud, edge and analytics are transforming business operations. But those transformations can drive complexities for IT that could increase risks to the business if security is not addressed. As such, security must go hand-in-hand with transformation.
A few trends are emerging in the Security Landscape, and Intel is relentless in its pursuit of establishing a trusted foundation:
- Encrypt everything, throughout the lifecycle, from data generation through retirement
- Keep workloads and data isolated
- Build a chain of trust that is rooted in silicon
- All of these can help with compliance with policies and regulations
- Effective security is built on a foundation of trust.
He observes that everyone knows that data should be encrypted when it is being stored and when sent across the network. What about data when it is actively processed in memory? Christopher believes that protecting and creating confidentiality for data in use is the new frontier.
Christopher spoke about Confidential Computing powered by Intel ® Software Guard Extensions (SGX). SGX is a system of architectural enhancements defined to help protect application integrity and confidentiality of data and to withstand certain SW and HW attacks.
Intel® technologies built into the platform address more protection against specific types of attacks. But data in use in memory must be protected in real-time against attacks, too. Intel is devising technologies that allow developers to harden their applications to help protect very specific parts of their code and data as it resides in memory.
Christopher articulates the following features of SGX:
Help Protect
- New Instruction Set Architecture (ISA) extensions
- Enables memory regions (enclaves) with security features
- Helps isolate enclaves from malware and privileged
software attacks - Processor helps control access, helps prevent intrusion,
encrypts transported/stored data
IT Benefit
- Reduces attack surfaces
- Supports attestation, keys
Developer Benefit
- Familiar development environment
- Familiar application deployment model
SGX looks to solve three key challenges:
- Execution isolation at the Trusted Execution Environment boundary. This results in data unencrypted inside the CPU package, while data outside is encrypted and integrity-checked.
- Attestation and sealing at the Trusted Execution Environment boundary. Hardware-based attestation provides remote assurance that the right application is executing on the right platform.
- Recovery from hardware issues – TCB Recovery is the process of being able to cryptographically demonstrate that the TCB has been updated to fix a potential security issue.
It is virtually impossible for enterprises to control how external entities process and secure their data, thus risking compliance issues.
In closing, Christopher encourages delegates to start with the right foundation and expressed that Intel architecture can help institutions accelerate digital transformation. He also urged delegates to avoid digital transformation roadblocks and to work with the ecosystem to make the right technology choices to avoid disruption. Finally, with the right foundations in place, institutions can help execute with confidence.
Fireside Chat with Vijay Gopaladesikan
Mohit led the delegates into a conversation with Vijay Gopaladesikan, Executive Director, FCC – Screening Product & Watchlist Management, Standard Chartered Bank about enhancing automation, enabling real-time screening, reducing false positives, modernising financial crime analytics for stronger compliance.
The discussion began with the question of how organisations can be more effective in fighting financial crime. Vijay points out the importance of support from senior management, adequate budgeting, processes, policies and standards and information sharing. More importantly, he highlights the various initiatives by monetary authorities all around the world in information sharing.
“We can be effective only when we are efficient,” he opines, “and information sharing is the first step towards improving efficiency.”
He shares some trends that he has observed: 1) Regulatory authorities are increasing the watchlist content and autonomous sanctions and 2) In the field of cryptocurrencies, there is an expectation for financial institutions to stop transactions involving wallet addresses of sanctioned parties.
Additionally, VASPs and Crypto exchange providers deemed high-risk need to be interdicted.
Vijay suggests some practical considerations when dealing with such threats:
- Understanding the institution’s risk tolerance and appetite statement
- Conduct targeted screening and identify the watchlist that the institution wants to screen.
- Explore the automation in the identification of good guys
- Work towards intelligent process automation – making the system react more intelligently and reapply processes when the same situation arises.
Vijay advises looking into supervisory technology adoption because regulators are adopting AI and ML. He opines that the focus on technology is appropriate and important but that should not cause people to neglect the basics – the use of advanced technology and anchoring in fundamentals go hand in hand.
Fireside Chat with Johnson Poh
Following the chat with Vijay, the session segued into a conversation with Johnson Poh, Executive Director, Head of Group Enterprise AI, Data Management United Overseas Bank about applying real-world AI & analytics capabilities to quickly identify fraudulent transactions and to make timely, data-driven decisions for better outcomes.
When asked about his observations, Johnson remarks that the application of AI and ML does not only apply to financial institutions and compliance. The key realisation here is that people need to understand that there is no one-size-fits-all solution.
He emphasises the importance of understanding the need for AI and ML and how to apply them. While most focus on the technology and the operational aspect, process and people are equally important. All must be integrated for successful implementation.
On the big hurdle that institutions face in deploying technology, Johnson suggests that the first step lies in understanding a problem statement and matching the correct solution. He breaks it down into four aspects:
- People and competency – Skillsets
- Technology – A rigorous platform to sustain implementation.
- Data – Ability to amalgamate all the data points
- Process – The link to how insights can be used.
Regarding the use of technology to solve financial crimes, Johnson believes that different solutions are required for different problems. It also involves ensuring that institutions have the correct data fabric, followed by experimentation to identify the algorithms that would be appropriate to solve the intended problem.
Johnson also broke down the different levels in the application of data and machine learning.
- Descriptive analysis – Describing data as it is.
- Diagnostic analysis – Diagnosing the problem and understanding the root cause
- Predictive analytics – Using more advanced techniques to be more pro-active in surfacing key insights
- Prescriptive analytics – Matured data platforms, people capability and business domain experience
On how AI and ML can help to reduce false positives, Johnson shares that the approach is two-pronged.
- Getting the data right – Setting up the relevant pipeline so that everyone in the organisation is empowered to harness data
- Asking insightful questions and going in-depth when the data fabric is set up
On a final note, Johnson emphasises the importance of intimately understanding the organisation’s needs and knowing the specific utility of AI and machine learning that the organisation is tapping as a solution. He concludes that there is much to be gained from the use of AI and ML, but that the application must be intentional.
Power Talk / Interactive Discussions
In the final segment of the day, Mohit moderated an interactive discussion, featuring panellists, Dr Stuart Christmas, Executive Director, Head of Surveillance Optimisation Standard Chartered Bank; Radish Singh, Partner/Principal – Head of Financial, Services Risk Management, Ernst & Young Advisory; Kenneth Koh, Head of Industry Consulting, APAC SAS; and Christopher Tan, Partner Revenue Acceleration Director – APJ, Intel.
The first poll asked delegates what their key challenge was in preventing financial crimes. Delegates were evenly split between legacy systems (27.9%) and criminal innovation (27.9%). The rest of the delegates went with the complex compliance landscape (20.9%), evolving financial landscape (18.6%) and other unlisted (4.7%) issues challenging.
Radish agreed that legacy systems are one of the major challenges that banks are facing due to the multiple systems. At the same time, she agrees with the perception that criminals are ahead of things. “As banks innovate, so do criminals,” she opines. “The ongoing question lies in finding the correct model and approach to managing financial crime.”
Dr Stuart added that he sees legacy systems not as old but as rules-based. Criminals are familiar with the rules-based system and can get through it. However, criminals who employ more sophisticated tactics escape – this is where AI and ML come in. In general, a rules-based system has become less relevant.
Kenneth also pointed out that the rules are not evolving fast enough and that the acceleration towards digitalisation has increased the risk.
The second poll asked delegates the use case that will help their organisation in the financial crime and compliance management space. Half of the delegates (50%) selected adjusting behavioural models to new fraud patterns with a low degree of latency. The other delegates were split between creating a data lake to help respond to regulatory demands (23.5%) and working with full datasets to analyse potential fraud (23.5%). The remaining delegates opted for using new data sources (2.9%).
In response to the polling results, Dr Stuart highlighted that fighting financial crime is an ongoing process because both the criminals and institutions are constantly learning from one another and getting better.
Radish opined that a more critical aspect for institutions is to challenge the status quo. The entire model of financial crimes has been developed in a defensive mode and institutions are not proactive in developing the system to cope with financial crimes.
Mohit comments that it all leads to culture. For Johnson, culture can only change with awareness and in-depth knowledge in the field not just across the implementers but right from the top.
The third poll asked about an organisation’s biggest compliance-related pain point. Most (34.4%) indicated that their major pain point was in the limited ability to dynamically adapt through using machine learning and decisioning on the fly, followed by the many ‘false positives’ that the AML system generates (31.3%). The remaining delegates selected high cost and effort to adapt to new regulatory guidelines (15.6%), limited ability to detect hidden legal entities (9.4%), not enough ‘true positives’ (6.3%) and poor or outdated data segmentation (3.1%).
Vijay opined that managing false positives is a real challenge. Businesses want to reduce that because the more people you stop, the more business you lose. He added that many partnerships take that into account.
In response to the poll, Kenneth shared two issues that he observed:
- Lack of a single view of fraud risk
- Detection models are often siloed
He proposes the use of hybrid models through network analysis. He added that the healthcare sector is also suffering from this due to the rise in medical collusion.
When asked about their organisation’s biggest pain point with respect to data, one-third (33.3%) consider coverage – collecting and compiling data globally – their biggest pain point. The remaining delegates were split between relevancy – data being stored in the right categories (25.6%), recency – data being up to date (23.1%) and others (17.9%)
Dr Stuart opined that missing data is an issue that many organisations. A delegate commented that there is a need to ensure that there is a standardised data government across the board, to break the silo and current model. Kenneth added that “you will never have a perfect data set,” which is why there is a need for a centre of excellence to support data management and oversight.
The next poll asked delegates to select the event that is most likely to drive change within their organisation. An overwhelming majority (72.5%) selected regulatory enforcement action while the remaining delegates chose reputational risk (17.5%) or competitor threat (10%)
Mohit pointed out that with regulation, institutions are often waiting for people to tell them what to do. Radish concurred and remarked that banks only react to regulatory enforcement rather than innovate, putting in only a defensive framework.
Another delegate added that digital banks are a huge threat, but no one is acknowledging the issue.
The final poll asked delegates how concerned they are regarding money laundering risks associated with cryptocurrency. About half (52.5%) were extremely concerned while the rest were moderately concerned (32.5%) or not concerned (15%)
A delegate opined that cryptocurrencies are on the radar for banks but they are not trying to understand the true risk. Another delegate pointed out that some ban it because of all the risks they see. Ahmed added that most have not enforced regulation because it is not a priority; he believes that organisations need to take time to understand crypto.
Radish opines that she would always be concerned because the risks exist. However, she notes that banks are trying to understand the source of wealth around and forming a risk understanding of it.
Finally, another delegate brought up a point about digital natives being the customers of the future. He pointed out that how digital natives leverage finance is different – the way they exchange funds with each other is materially different from digital immigrants.
A delegate mentioned that competition will be different in the future because of fintech. It is a completely uncharted space for everyone in the room. He observes that there is a lot of innovation in the space of fintech that institutions need to pay attention to.
Closing
In closing, Mohit wrapped up the session and thanked everyone for their enthusiastic participation and the illuminating sharing. He asserts the importance of adopting technology into managing fraud and crimes, imploring delegates to seek partnerships when it comes to protecting themselves against financial criminals.
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The Cyber Security Agency of Singapore (CSA) recently unveiled the pivotal insights gleaned from its inaugural Singapore Cybersecurity Health Report 2023. Conducted between May and August of the previous year, the survey canvassed the opinions of 2,036 organisations spanning various sises and sectors.
The objective was to gauge the landscape of cybersecurity readiness across local entities and inform CSA’s strategic initiatives. The importance of bolstering cybersecurity resilience within these organisations cannot be overstated, as they play a critical role in shaping the digital experiences of Singaporeans through their services and products.
The findings unveiled a mixed landscape: while the majority of organisations demonstrated an awareness of cybersecurity imperatives, there remains substantial room for improvement in adoption rates. On average, organisations reported implementing around 70% of essential cybersecurity measures across various categories. Additionally, a significant proportion, approximately 75%, acknowledged CSA’s cybersecurity certification programmes, Cyber Essentials and Cyber Trust, which serve as national standards for prioritising cybersecurity measures.
Despite these positive indicators, CSA sounded a cautionary note, emphasising the inadequacy of partial adoption. Without the full spectrum of essential measures, organisations remain vulnerable to unnecessary cyber risks. Alarmingly, only a third of organisations had fully implemented at least three of the five categories outlined in Cyber Essentials. This underscores the urgency for comprehensive adoption to fortify cybersecurity posture effectively.
A prevalent challenge cited by organisations hindering full adoption was a lack of knowledge and experience, echoed by 59% of businesses and 56% of non-profits. This is compounded by the rapidly evolving cyber threat landscape, exacerbated by a shortage of skilled cyber professionals. Moreover, a prevailing perception of being unlikely targets of cyber-attacks and resource constraints further impedes progress in bolstering defences.
The consequences of inadequate cybersecurity measures were starkly evident, with over 80% of organisations reporting encountering cybersecurity incidents annually, including prevalent threats like ransomware and social engineering scams. These incidents invariably inflicted a negative business impact, with disruptions, data loss, and reputational damage among the most commonly cited consequences.
While the cost of implementing cyber hygiene measures may seem daunting, particularly for small and medium-sized enterprises (SMEs), it pales in comparison to the potential financial ramifications of cyber incidents. CSA emphasises the importance of viewing cybersecurity investment as essential insurance against potentially catastrophic losses.
In response to these challenges, CSA has rolled out a comprehensive suite of initiatives aimed at bolstering organisational cybersecurity resilience. These include cybersecurity resources to raise awareness, tailored health plans delivered by cybersecurity consultants, and certification programmes such as Cyber Essentials and Cyber Trust. Additionally, the collaboration with the Infocomm Media Development Authority has led to the introduction of the Cybersecurity Health Check, providing organisations with a self-assessment tool to benchmark their cyber hygiene and access remedial resources.
Mr. David Koh, Chief Executive of CSA, stressed the imperative for organisations to prioritise cybersecurity and leverage available resources and funding support. Delaying proactive measures until after an incident occurs, he cautioned, would prove significantly more costly in the long run.
The release of the Singapore Cybersecurity Health Report underscores the urgent need for organisations to fortify their cybersecurity posture comprehensively. By embracing a holistic approach to cybersecurity and leveraging available resources and support, organisations can mitigate risks and safeguard against the increasingly sophisticated cyber threats of the digital age.
The Singapore Cybersecurity Health Report 2023 is available at www.csa.gov.sg/cyberhealthreport and the Cybersecurity Health Check can be accessed at https://www.csa.gov.sg/cyberhealthchecktool.
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In a remarkable leap forward in the field of neuroscience, researchers at the Indian Institute of Technology, Guwahati (IIT Guwahati) have introduced a groundbreaking algorithm known as the Unique Brain Network Identification Number (UBNIN). This innovative algorithm is poised to revolutionise the analysis of brain connectivity patterns, offering profound insights into both healthy brain function and neurological disorders such as Parkinson’s disease (PD).
The human brain, with its intricate network of neural connections, is a marvel of complexity. Each individual possesses a unique pattern of brain connectivity, akin to a fingerprint of the mind. Recognising the significance of these individualised brain networks, the researchers at IIT Guwahati set out to develop a method capable of decoding and quantifying these intricate patterns.
The UBNIN algorithm represents a paradigm shift in how we understand and analyse brain connectivity. Drawing upon data from structural MRI scans, the algorithm constructs a network model of the brain, with each region of the brain represented as a node. These nodes are interconnected by edges, reflecting the strength of connectivity between different brain regions.
What sets UBNIN apart is its ability to distil this complex network into a single numerical identifier. This unique identifier, akin to a digital signature for the brain, encapsulates the individualised connectivity patterns of each person. By quantifying these patterns into numerical values, UBNIN offers a powerful tool for understanding the structural organisation of the brain.
The implications of UBNIN are far-reaching. One potential application lies in the realm of brainprinting, where individual brain signatures could be used for identification purposes. Much like a fingerprint uniquely identifies an individual, UBNIN could serve as a digital identifier for the brain, with applications in personalised medicine, biometrics, and cognitive neuroscience.
Moreover, UBNIN holds promise as a biomarker for neurological disorders such as Parkinson’s disease. Parkinson’s is a progressive neurodegenerative disorder characterised by the loss of dopaminergic neurons in the brain. Early detection of Parkinson’s is crucial for initiating timely interventions and improving patient outcomes. By analysing changes in UBNIN values over time, researchers may be able to identify subtle alterations in brain connectivity associated with the onset and progression of Parkinson’s disease.
To validate the utility of UBNIN as a biomarker for Parkinson’s disease, researchers conducted a comprehensive study involving structural MRI scans from both PD patients and healthy individuals. The results were promising, with UBNIN values exhibiting distinct patterns in PD patients compared to healthy controls. This suggests that UBNIN has the potential to serve as a sensitive and specific biomarker for Parkinson’s disease, offering new avenues for early diagnosis and disease monitoring.
Furthermore, the researchers explored the impact of age on brain connectivity patterns. Aging is associated with changes in brain structure and function, which may contribute to the development of neurological disorders. By analysing structural MRI data from individuals across different age groups, the researchers found that brain connectivity patterns indeed change with age. Specifically, they observed a decrease in the clustering coefficient—a measure of network connectivity—with increasing age. These findings provide valuable insights into the dynamic nature of brain plasticity and aging.
Dr. Cota Navin Gupta, Assistant Professor at the Neural Engineering Lab, Department of Biosciences and Bioengineering, IIT Guwahati, commented on the significance of these findings. “UBNIN offers a unique window into the structural organisation of the brain,” he remarked. “By quantifying individualised brain connectivity patterns, UBNIN has the potential to transform our understanding of brain function and dysfunction.”
Looking ahead, the researchers envision further applications of UBNIN in diverse fields, ranging from personalised medicine to cognitive neuroscience. By harnessing the power of UBNIN, researchers may unlock the mysteries of the human brain, paving the way for new insights into neurological disorders and brain health.
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Bushfires represent one of the most formidable challenges faced by firefighters worldwide. With their unpredictable behaviour and rapid spread, combating these blazes demands innovative solutions to ensure the safety of both responders and communities at risk. In a groundbreaking initiative, researchers are harnessing the power of robotics to revolutionise bushfire response, paving the way for more effective firefighting strategies and enhanced situational awareness.
At the heart of this endeavour lies the Silvanus Project, an ambitious international collaboration aimed at developing ground robots capable of navigating fire fronts and gathering crucial data in real-time. Led by researchers from Data61’s Queensland Centre for Advanced Technologies, this project represents a pioneering effort to address the inherent dangers associated with traditional firefighting methods.
Bushfires, fueled by factors such as vegetation density and weather conditions, can escalate rapidly, outpacing conventional firefighting techniques. To stay ahead of the inferno, firefighters require accurate information about fire location, direction of spread, and potential hazards. However, obtaining such data often entails placing personnel in hazardous environments, risking their safety in the process.
Drones have emerged as a promising tool for aerial reconnaissance, offering valuable insights into fire behaviour from above. However, their effectiveness is limited by factors such as smoke interference, high winds, and restricted flight times. Recognising these limitations, researchers turned their focus to ground-based solutions, envisioning robots capable of operating in the most challenging of conditions.
The ground robots developed as part of the Silvanus Project are equipped with advanced sensors and navigation systems, allowing them to traverse rugged terrain and navigate through smoke and debris. Some robots are designed to move on legs, mimicking the mobility of insects, while others utilise tracks for increased stability and manoeuvrability. These robots venture into the heart of the fire, gathering critical data such as fire intensity, fuel availability, and environmental conditions.
During a demonstration conducted for fire service representatives and researchers, the capabilities of these ground robots were showcased, highlighting their potential to transform firefighting operations. With the ability to transmit data in real-time to a cloud-based platform, these robots provide firefighters with unprecedented situational awareness, enabling more informed decision-making and proactive firefighting strategies.
Senior experimental scientist Tom Lowe emphasises the significance of these ground robots in enhancing firefighter safety and operational effectiveness. By deploying robots into areas deemed too hazardous for human intervention, firefighters can access vital information without exposing themselves to unnecessary risks. Furthermore, the integration of remote sensing technologies allows robots to assess vegetation density and predict fuel availability, further aiding in fire suppression efforts.
While the technology is still in the developmental stage, researchers are optimistic about its potential impact on future firefighting practices. Navinda Kottege, Cyber-Physical Systems Research Director, underscores the life-saving potential of ground robots, particularly in high-risk firefighting scenarios where human intervention may be impractical or unsafe.
The Silvanus Project represents a collaborative effort involving researchers from across Europe, Australia, Indonesia, and Brazil, united in their mission to develop innovative solutions for forest management and fire prevention. By harnessing the power of robotics and cutting-edge technologies, this initiative aims to bolster preparedness and response capabilities, ultimately saving lives and protecting communities from the devastating impact of bushfires.
As ground robots continue to evolve and mature, fueled by ongoing research and international collaboration, the vision of leveraging technology to mitigate the impact of bushfires grows ever closer to reality. With each technological advancement, firefighters gain new tools and capabilities to confront one of nature’s most formidable adversaries, ensuring a safer and more resilient future for all.
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Prime Minister Pham Minh Chinh has called upon the youth to take the lead in propelling Vietnam’s digital transformation, emphasising their crucial role in shaping the nation’s future amidst the burgeoning digital economy. The Prime Minister made these remarks during a dialogue held in Hanoi on March 26, where he engaged with 300 outstanding young individuals from various regions of the country.
With the digital economy projected to contribute 30% to the gross domestic product (GDP) by 2030, PM Chinh underscored the urgency for Vietnam to embrace digitalisation as an indispensable global trend. He highlighted digital transformation as a cornerstone alongside the green economy, circular economy, sharing economy, and intellectual economy, essential for realising the nation’s development objectives of transitioning into a modern, upper-middle-income country by 2030 and achieving developed, high-income status by 2045.
In his address, PM Chinh urged the youth to champion digitalisation by raising public awareness, advocating for policy reforms, driving administrative modernisation through digital technologies, and advancing research and development efforts in the digital domain. Emphasising their role as pioneers, he expressed confidence in the youth’s ability to contribute, innovate, integrate into society, and pursue personal growth.
Moreover, PM Chinh called upon the youth to collaborate with the government in establishing a digital government, digital economy, digital society, and nurturing digital citisenship. This collaborative approach is deemed essential for harnessing the full potential of digital technologies to address societal challenges and drive inclusive growth.
Responding to the Prime Minister’s call, the youth presented recommendations to the government, emphasising the need to refine the legal framework governing digital platforms and establish effective communication channels to engage citisens in the digital transformation process. They stressed the importance of inclusivity and transparency in policymaking to ensure the successful implementation of digital initiatives.
During the dialogue, PM Chinh addressed queries from the youth regarding data protection, cybersecurity measures, integration of public services with the national population database, and strategies to preserve cultural identity in the digital age. Acknowledging these concerns, the Prime Minister reaffirmed the government’s commitment to safeguarding data privacy, enhancing cybersecurity, and promoting cultural heritage preservation in the digital era.
Furthermore, PM Chinh instructed relevant ministries, authorities, and localities to expedite the implementation of the National Digital Transformation Programme, refine existing mechanisms and policies, and create an enabling environment for youth-led initiatives. This concerted effort aims to foster innovation, entrepreneurship, and digital literacy among the younger generation, thereby ensuring their active participation in shaping Vietnam’s digital future.
The dialogue served as a platform for meaningful exchanges between the government and the youth, highlighting the importance of collaborative efforts in driving Vietnam’s digital transformation agenda. With the youth at the forefront, Vietnam is poised to harness the opportunities offered by digital technologies to achieve sustainable development and prosperity for all.
As reported by openGov Asia, Vietnam is undergoing a digital revolution, characterised by concerted endeavours to advance the country’s digital transformation. With aspirations to attain high-income status by 2045, Vietnam’s digital technology sector focuses on mastering technology, fostering innovation, and developing domestic manufacturing capacities.
In this context, inclusivity and collaboration are essential, serving as key drivers to unleash the transformative power of technology and foster economic expansion, ensuring broad societal participation and contribution to the nation’s advancement.
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Artificial Intelligence (AI) stands at the forefront of technological innovation, promising transformative solutions to complex challenges across various domains. Recognising its potential to revolutionise industries and improve societal well-being, the National University of Singapore (NUS) has inaugurated the NUS AI Institute (NAII). Led by Professor Mohan Kankanhalli, NAII aims to accelerate AI research and its practical applications, fostering collaboration, innovation, and societal impact.
In an era marked by rapid technological advancements, AI has emerged as a powerful tool with the capacity to reshape diverse sectors, ranging from healthcare to finance, education, logistics, and beyond. The establishment of NAII underscores NUS’s commitment to harnessing AI for the greater good, addressing critical issues facing Singapore and the global community.
At the core of NAII’s mission is the advancement of fundamental AI research, aimed at pushing the boundaries of AI capabilities and exploring novel applications across various domains. Through foundational research initiatives, scientists at NAII will tackle complex AI problems, spanning hardware and software systems, AI theory, responsible AI, reasoning AI, and resource-efficient AI. By delving into these areas, the institute seeks to develop cutting-edge AI technologies that address real-world challenges and drive innovation.
Moreover, NAII will prioritise research into the ethical and societal implications of AI, aiming to develop robust governance frameworks that ensure responsible AI development and deployment. This includes examining issues related to transparency, accountability, and ethical decision-making in AI systems. By fostering dialogue and research on AI ethics and governance, NAII aims to guide the responsible use of AI technology and mitigate potential risks.
In addition to foundational research, NAII will spearhead applied research initiatives, focusing on developing AI-driven solutions for specific application domains. Collaborating with experts from diverse fields, including healthcare, logistics, manufacturing, finance, urban sustainability, and education, the institute will tackle pressing challenges and explore opportunities for AI-driven innovation. From optimising supply chains to improving healthcare outcomes and enhancing urban infrastructure, NAII’s applied research efforts aim to deliver tangible benefits to society.
Furthermore, NAII will serve as a hub for AI talent development, providing comprehensive education and training programs for students, professionals, and policymakers. By offering hands-on learning experiences and internships, the institute seeks to nurture the next generation of AI leaders and entrepreneurs, equipping them with the skills and knowledge needed to drive innovation in AI.
To support its research and educational endeavours, NUS has allocated significant resources to NAII, including external research grants and institutional funding. Moreover, the institute will collaborate closely with government agencies and industry partners to amplify its impact and drive innovation. Strategic partnerships with leading companies such as IBM and Google Cloud will enable NAII to leverage industry expertise and resources, accelerating the translation of research outcomes into real-world applications.
In alignment with Singapore’s Research, Innovation, and Enterprise (RIE) strategy, NAII aims to contribute to the nation’s AI ecosystem by fostering collaboration, innovation, and talent development. By positioning NUS as a global leader in AI research and application, the institute seeks to drive positive societal change and economic growth.
The establishment of NAII represents a significant milestone in NUS’s journey towards harnessing the power of AI for societal benefit. Through cutting-edge research, education, and collaboration, the institute aims to unlock the full potential of AI and pave the way for a more innovative, sustainable, and inclusive future. With its interdisciplinary approach and commitment to excellence, NAII is poised to make a lasting impact on Singapore and the global AI landscape.
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The Vietnam Posts and Telecommunications Group (VNPT) has reached a significant milestone with its artificial intelligence (AI) platform, VNPT eKYC, logging over 1 billion user authentication requests. This accomplishment solidifies VNPT’s position as a pioneer in electronic identification and verification solutions within Vietnam.
Since its inception, VNPT eKYC has been at the forefront of electronic Know Your Customer (eKYC) services for over five years, serving a diverse range of clients including banks, financial institutions, telecommunications companies, and e-commerce entities. With over 100 organisations utilising its services, VNPT eKYC has facilitated electronic identification for more than 40 million individuals across the country.
On average, the VNPT eKYC system processes an impressive 600,000 requests daily, with peak days witnessing over a million requests being handled seamlessly. This demonstrates the platform’s robustness and reliability in managing high volumes of authentication transactions efficiently.
The significance of VNPT eKYC extends beyond its technological capabilities, particularly in the context of evolving regulatory requirements. The State Bank of Vietnam’s decision mandating biometric authentication for transactions exceeding 10 million VND (approximately 416 USD) and other significant transactions from July 1, 2024, underscores the critical role of advanced authentication solutions like VNPT eKYC in ensuring compliance and security in financial transactions.
Moreover, the platform’s success highlights the increasing importance of domestically developed solutions in the banking and financial sector. Domestic solutions such as VNPT eKYC offer several advantages, including rapid implementation, cost-effectiveness, adherence to global technology standards, scalability, and high readiness to meet evolving regulatory requirements.
Central to the effectiveness of VNPT eKYC is its advanced AI models, which enable the verification of facial biometric data with an impressive accuracy rate of up to 99.99%. This high level of accuracy not only enhances the security of authentication processes but also contributes to building trust and confidence among users and regulatory authorities.
As Vietnam’s digital economy continues to grow and evolve, the role of advanced authentication and verification solutions like VNPT eKYC becomes increasingly indispensable. Beyond facilitating seamless and secure electronic transactions, these solutions contribute to enhancing the overall digital infrastructure and ecosystem of the country, paving the way for further innovation and economic growth.
Looking ahead, VNPT remains committed to advancing its AI platform and expanding its capabilities to meet the evolving needs of its clients and the regulatory landscape. With a strong focus on innovation, reliability, and security, VNPT eKYC is poised to play a pivotal role in shaping the future of electronic identification and verification in Vietnam’s dynamic digital economy.
VNPT’s achievement of logging over 1 billion authentication requests with its AI platform, VNPT eKYC, marks a significant milestone in Vietnam’s journey towards digital transformation.
Amid a swiftly changing global landscape, Vietnam emerges as a frontrunner in a digital revolution, strategically positioned to harness technology’s transformative power for economic progress and societal development.
It is embracing its digital transformation journey, highlighting collaborative efforts to drive the nation’s digital transformation. The nation’s digital technology industry aims to propel Vietnam towards high-income status by 2045 through technology mastery, innovation, and indigenous manufacturing capabilities.
Moreover, the nation is working to harmonise its regulations, streamline laws, and promote consistency in its legal framework to foster a more favourable and appealing cyber environment.
As the country continues to embrace technology-driven solutions to address emerging challenges, VNPT eKYC stands as a testament to the potential of domestic innovation in driving progress and excellence in the digital era.
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In a significant scientific breakthrough in a space sector, Dr Sarah Kessans has developed hardware designed to operate autonomously in orbit, transforming the study of protein crystallisation in microgravity. This technology provides scientists on Earth with unprecedented insights into protein behaviour, with far-reaching implications for developing more effective medicines and vaccines, among other applications.
Minister for Space Dr Megan Collins lauds Dr Kessans’ research as an inspiring example of how space technology can drive innovation on Earth. This achievement follows the recent successful launch of MethaneSAT, a satellite designed to track and monitor global emissions from space, highlighting the significant potential of space technology in addressing some of the world’s most pressing challenges while bolstering our globally competitive space sector.
The MethaneSAT satellite will be equipped with a highly sensitive spectrometre that can detect concentrations as low as two parts per billion, and it will have high-spatial resolution coupled with a broad, 200-kilometre view path, allowing it to quantify even small emission sources over large areas.
Dr Kessans’ research culminated in successfully launching her hardware on a rocket from the Kennedy Space Centre at Cape Canaveral, USA. This mission also included protein experiments from leading New Zealand universities, including Canterbury, Otago, Victoria, and Waikato, showcasing the collaborative efforts of the country’s academic institutions in advancing space science and technology.
The launch of Dr Kessans’ project results from a strategic agreement between the Ministry of Business, Innovation and Employment (MBIE) and the US commercial space company Axiom Space. This partnership aims to facilitate New Zealand researchers’ advancement in space science and technology, fostering innovation and driving collaboration between academia, government, and private enterprise.
Dr Kessans’ project has also received government funding for further development through the MBIE-administered Endeavour Fund, highlighting the government’s commitment to supporting cutting-edge research and innovation in the space sector. This collaborative effort between academia, government, and private enterprise is a testament to New Zealand’s growing presence in the global space economy, positioning the country as a key player in space research and technology development.
Previously, New Zealand had collaborated with several countries, including Australia, to advance space research, as reported by OpenGov. The collaboration between SmartSat and the New Zealand Space Agency (NZSA) is an important development. The signing of a Memorandum of Understanding (MoU) between the two entities aims to accelerate the growth and technological advancement of the Australian and New Zealand space industries, marking a pivotal moment in the evolution of space exploration and innovation in the Australasian region.
This partnership is underpinned by a shared commitment to fostering innovation, driving research and development (R&D), and nurturing a skilled workforce capable of propelling technological breakthroughs in the space sector. The MoU, ceremoniously signed at the NZSA headquarters in Wellington, signifies a strategic alignment between SmartSat and NZSA to leverage their combined resources and expertise.
At the core of this collaboration, it is designated to support joint research initiatives in three key technological domains: Earth Observation, Space Situational Awareness, and Optical Communications. These areas represent the forefront of space exploration, offering immense potential to revolutionise humanity’s perception and interaction with the cosmos.
Minister Judith Collins, New Zealand’s Minister for Space, praised the new agreement as a testament to the enduring collaboration between Australia and New Zealand in space exploration. In a statement on her official website, she reiterated her commitment to fostering innovation and collaboration, recognising the transformative potential of space technology in addressing global challenges.
Minister Collins reaffirmed the government’s dedication to developing the country’s space sector, promoting innovation, and strengthening partnerships with the New Zealand research community, international space agencies, and commercial collaborators. These collaborative approaches underscore New Zealand’s commitment to advancing space science and technology to benefit society and the economy, paving the way for future breakthroughs in the field.