NVIDIA and AWS Unveil Advanced AI-Powered Solution for Financial Fraud Detection
NVIDIA AI has created a full fraud detection process that blends regular ML with the strength of GNNs.
Nvidia AI and Amazon Internet Services have come together to revolutionize how fraud is detected in the finance industry. They will achieve this by employing modern innovative Artificial Intelligence procedures, and Graph Neural Networks (GNNs) to halt fraud that is becoming sophisticated in its manifestation.
AWS is the first cloud provider to combine Nvidia’s full fraud detection ecosystem. This means that developers can use NVIDIA RAPIDS in Amazon EMR to speed up data processing and make model-building for fraud detection easier. The Amazon SageMaker and Amazon EC2 services also use the RAPIDS and GNN tools to create training models faster and easier. The NVIDIA Morpheus and Triton Inference Server from AWS can be used with Amazon SageMaker or Amazon Elastic Kubernetes Service endpoints to make forecasts faster and more widely.
This complete AI solution is meant to make fraud detection more accurate and faster. Nvidia wants its partner community to be able to use the workflow. Through Nvidia AI Enterprise, financial institutions can create and use high-performance fraud detection models. This lets them quickly go from testing to production.
Supercharging Fraud Detection in Financial Services with Nvidia AI
Fraud is currently rampant in the financial industry whereby losses are expected to be approximately $742 billion in the year 2023 as a result of payment, check, and credit card fraud according to NASDAQ. False positive results also de-sensitize customers to fraud detection interventions and erode user trust in financial services. For this reason, traditional rule-based anti-fraud systems which cannot efficiently counter current fraud models are becoming increasingly irrelevant.
The way Nvidia AI has implemented its solution is proactive. Being an Nvidia ecosystem-based, employing high-grade computing power, advanced analytics can identify patterns and outliers in real time while minimizing false positives and improving overall fraud detection. Nvidia’s innovations allow the financial sector to be ready for the further increase of data volumes and fraudsters’ sophistication, protecting financial assets and clients’ trust simultaneously.
