Key developments from the announcement include:
➡️ Industry Proof-of-Value: MAS is conducting a Proof-of-Value (POV) to explore AI/machine learning (ML) techniques for pre-emptive scam detection;
➡️ Cross-Bank Data Use: The POV brings together data from five banks to build more robust and accurate models that identify higher-risk transactions and accounts;
➡️ Customer Loss Reduction: Prompt identification could enable timely assessment, intervention and reduction of customer losses to scams; and
➡️ Secure Data Sharing: MAS provided a secure data sharing environment governed by policies and protocols to safeguard customer information.
✅ Firms operating in Singapore should monitor the POV’s progress and outcomes, assessing how collaborative AI/ML models could enhance scam detection, transaction monitoring (TM) and broader economic crime controls.