Thailand developing AI to detect financial fraud

Bangkok - Thailand is rapidly developing artificial intelligence (AI) for fraud detection, according to SAS Institute, a global leader in the data and AI field.

The country's financial sector is expected to see collaboration in risk management and fraud management to tackle new financial crime in an end-to-end prevention process, said the company as reported by the local news site Bangkok Post.

Thailand has strong regulatory frameworks and collaboration among banks. This aligns with successful models in Australia, Europe and Hong Kong in combating financial crime, stated Ian Holmes, SAS director and global lead for enterprise fraud solutions.

Holmes added that Thailand is embracing technology to combat financial crime, including real-time payment protection to safeguard against fraud in digital transactions.

He said that the wider adoption of AI is transforming the fraud detection and anti-money laundering processes. The use of Thailand's digital ID will also speed up identity verification, requiring AI to ensure secure and fast processing.

Thai government urged to set up 'war room' to tackle US tariffs The Thai Chamber of Commerce (TCC) is calling on the government to establish a "war room" to address tariff threats from the administration of US President Donald Trump.

Thailand affirms commitment to boost foreign investment Speaking at the "Ignite Thailand: Invest in Endless Opportunities" event hosted by the Board of Investment (BOI) on March 12, Paetongtarn highlighted the government’s efforts to foster investor confidence, ensure resource and human capital readiness, and showcase Thailand as a secure and rewarding investment destination.