Santander UK has introduced an AI tool, developed by ThetaRay, to combat human trafficking by identifying suspicious customer account activities. Launched a year ago, this innovation has led to hundreds of alerts sent to the UK’s National Crime Agency (NCA), aiding in the disruption of several trafficking rings. The AI analyzes transaction patterns, such as unusual cash withdrawals and specific bookings, which might indicate exploitation. Unlike traditional rules-based systems that struggle with emerging crimes like trafficking, AI evolves and detects complex patterns rapidly. Santander’s chief transformation officer, Jas Narang, emphasized the tool’s effectiveness in enhancing financial crime detection. Each alert is meticulously reviewed by over 1,000 trained specialists before being escalated, ensuring accuracy and maximizing societal impact. The bank aims to expand this technology globally to tackle various forms of crime, reinforcing its commitment to social responsibility and innovative security measures.
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