Bangkok (VNA) - 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./.
Thailand waives re-entry fees for migrant workers during Songkran holiday
The waiver is effective from April 1 to May 15. Migrant workers who return to Thailand after this period will no longer be eligible for the exemption and will be required to follow the standard re-entry application process.
