Japan’s First AI-Powered ATM To Combat Money Transfer Fraud
A Japanese company has developed an artificial intelligence-powered automated teller machine to prevent fraudulent money transfers, the first of its kind in the country.
The system, which can recognise the appearance and movement of ATM users through an embedded camera, aims to help prevent crimes in which scammers guide elderly victims over the phone to transfer money by making them believe they will be refunded a higher amount.
Despite repeated warnings by authorities and other entities, financial losses related to so-called refund money wiring fraud remain high in Japan, totalling about 1.07 billion yen (US$9.5 million) in the first half of 2018, according to the National Police Agency.
If the AI recognises a user talking over the phone during a money transfer, the screen displays a warning to stop the transaction. The ATM will also ask users to take off any masks or sunglasses, and if they do not follow the instructions, the transaction will be cancelled automatically.
The AI system was designed to memorise a huge number of images based on the “deep learning” method, and boasts a highly precise detection technique, according to Hitachi-Omron Terminal Solutions Corp., which aims to commercialise the system in the next financial year starting in April.
In October, the Aichi prefectural police unveiled the ATM to the public and held a drill for local residents to prevent frauds and test new features of the machine.
“The new ATM feature is groundbreaking as the machine itself can help prevent crime. We expect it to be highly effective,” a senior official of the prefectural police said.
Hong Kong’s financial watchdog unveiled on Thursday a comprehensive set of regulations governing cryptocurrencies in a move to enhance investor protection which analysts believe could help make the city a major trading centre for virtual assets, analysts said. The...
The Hong Kong authorities are seeking to improve the process of filing suspicious transaction reports via the introduction of a new solution – “e-STR”. In an announcement on its website, the Securities and Futures Commission (SFC) explains that, in an effort to...
Most Western companies and banks pulled out of Iran ahead of new Trump administration sanctions, fearing a loss of access to the U.S. economy. But the rest of the world may be more difficult for American officials to convince. Facing a host of nations reluctant to...