Financial Crime World

Financial Fraud Detection Methods Expand in Japan: AI ZeroFraud Set to Eliminate Crime

Introduction

Japanese financial institutions are taking proactive measures to combat the growing threat of financial fraud with the help of cutting-edge artificial intelligence (AI) technology. LAC Co., Ltd.’s Financial Crime Control Center (FC3) has developed an innovative solution, AI ZeroFraud, designed to detect and prevent fraudulent transactions.

The Rise of Online Banking and Increased Concerns about Financial Crime

The rise of online banking has led to increased concerns about financial crime, as criminals exploit vulnerabilities in the system to steal deposits. To combat this, FC3 has developed an AI engine that detects fraud transactions with high accuracy by analyzing user behavior through artificial intelligence.

Key Features of AI ZeroFraud

  • Identifies fraudulent bank transfers and special fraud perpetrated via ATMs
  • Detects connections between entry and exit points, allowing it to detect and prevent fraudulent transactions even more effectively

The Financial Crime Control Center (FC3)

FC3 was established in May 2021 to support financial institutions in preventing and eliminating financial crime. With the aim of expanding its services, LAC plans to offer AI ZeroFraud as a cross-industry platform for financial crime countermeasures, enabling multiple financial institutions to jointly utilize information on fraudulent transactions.

Goals and Vision

LAC’s vision is built around its purpose - “Building A Trusted Society With Reliable Technology.” By promoting the use of AI ZeroFraud, LAC aims to create a safe and reliable financial services environment in Japan.

About LAC Co., Ltd.

Established in 1986, LAC Co., Ltd. has a proven track record in developing Financial Platform Systems and social infrastructure systems. The company is currently the leader in cyber security in Japan and offers cutting-edge security technology to government offices, private companies, and organizations.

Future Plans

The expansion of AI ZeroFraud in Japan is set to revolutionize financial fraud detection methods, enhancing the credibility of businesses through secure and trustworthy financial services. With its innovative solution, LAC Co., Ltd. is committed to realizing a safe and reliable financial environment for all stakeholders.