AI: ICBC Asia’s secret weapon against fraud and rising scams.

TL;DR:

  • ICBC Asia, the Hong Kong unit of Industrial and Commercial Bank of China, plans to use more artificial intelligence (AI) and machine learning to combat fraud.
  • The bank aims to identify potential fraudulent transactions and investigate scams by leveraging technology.
  • The increase in fraud cases in Hong Kong has prompted ICBC Asia to ramp up its efforts to protect its customers and educate them about scams.
  • Scams accounted for 44.1% of all reported crimes in Hong Kong last year, with around 70% of them being internet-related.
  • ICBC Asia has successfully used technology and big data to trace scammers and provide training to its front-end staff.
  • The Hong Kong Monetary Authority is also prioritizing efforts to combat fraud, including partnering with a popular local artist to raise awareness about phishing tactics.

ICBC Asia, the Hong Kong unit of Industrial and Commercial Bank of China, is planning to double down on technology such as artificial intelligence (AI) to prevent and investigate fraud. According to Tony Mak Wing-yin, head of the financial crime compliance department at ICBC Asia, the bank will adopt more machine learning and other AI technologies to identify potential fraudulent transactions and investigate alleged scams. This move comes as the number of fraud cases in Hong Kong has increased significantly over the past few years. In 2023, there were 39,824 reported cases of scams, a 40% increase from the previous year, involving more than HK$9 billion (US$1.2 billion).

To combat this rise in scams, ICBC Asia aims to not only leverage technology but also educate its customers about protecting themselves. Mak recommends three “don’ts” to customers: don’t easily trust anyone, don’t be greedy, and don’t be reckless. ICBC Asia has successfully utilized technology and big data to trace scammers trying to deceive its clients. The bank also provides extensive training to its front-end staff, who have helped prevent customers from falling victim to scams by detecting unusual behavior or signs of nervousness.

Alongside ICBC Asia’s efforts, the Hong Kong Monetary Authority, the city’s de facto central bank, has made combating fraud a priority. Deputy CEO Arthur Yuen Kwok-hang teamed up with popular cantopop star Wan Kwong to produce a music video that educates the public about common phishing tactics used by scammers. This multi-faceted approach involving both technology and public awareness campaigns aims to protect customers from falling victim to fraud.