Reshaping Fraud Detection in Asian Finance with Knowledge Graphs
Businesses are increasingly feeling the pinch, with 2023 seeing global financial fraud schemes account for over US$485.6 billion in losses. In Singapore alone, an average of US$3.52 dollars in hidden costs are incurred for every dollar lost to fraud, encompassing legal fees, recovery expenses, and internal labor. Enter knowledge graphs, a proven technology for speed and accuracy in uncovering patterns and relationships between data.
Keywords: Financial Fraud Detection • Knowledge Graph • Thought Leadership