According to an official release, Infibeam Avenues Ltd, an Indian fintech company, announced its plans to include Artificial Intelligence (AI) to create an AI-based fraud detection market. The company expects to establish India’s first Artificial Intelligence (AI) HUB at the Gujarat International Finance Tec-City (GIFT City). It is believed that they will focus on financial sectors to build AI solutions for Fraud detection and Authentication and Risk identification (FAR).
It is believed that the AI HUB will be a “One-Stop Shop” to bring AI and Machine Learning (ML) into daily activities.
“Under FAR (Fraud detection, Authentication and Risk identification) initiative, setting up AI HUB plans to support AI innovation, attract talent, and create a supportive ecosystem that will develop and offer frauds management solutions,” Vishal Mehta, managing director, Infibeam Avenues Ltd, explained, adding that by using AI the increased cases of fraud in the payments and e-commerce can be addressed.
As per the official release, the in-house team at AI HUB will be developing customised fraud detection and prevention solutions for banking, financial services, insurance, FMCG, manufacturing, fintech, utility sector, government and government agencies.