Interview: Neo4j Global Head of Finserv Michael Down on the $442bn fraud problem

Some $442bn has been lost globally to financial fraud in the last year and as banks around the world accelerate their shift to data-driven fintech models, the complexity of these systems is creating new blind spots for fraud.

As Michael Down tells RBI, fraud now moves through coordinated networks of mule accounts, synthetic identities, and transactions, rather than in isolation.

As AI is helping to increase the speed, scale and sophistication of attacks, the real-world impact is one in which financial firms aren't currently set up to connect the dots within these invisible networks. And he explains how graph intelligence goes beyond detection, to change what's operationally possible for the teams behind the scenes and is successful in uncovering suspicious patterns that traditional systems miss.

Michael Down, Global Head of Financial Services at Neo4j:

AI has fundamentally changed the economics of fraud. What once required coordinated human effort – creating fake identities, crafting convincing phishing messages, and manipulating documents – can now be automated and deployed at scale in minutes with AI.

We're seeing this play out across multiple fronts: deepfakes are used to b

Fuente original: Yahoo Finance (https://finance.yahoo.com/technology/ai/articles/interview-neo4j-global-head-finserv-113535573.html)