AI Revolutionizing Fraud Detection in Payment Systems

Artificial intelligence (AI) is playing a pivotal role in fraud detection and maintaining trust in payment systems, as explained by NPCI's CTO Vishal Anand Kanvaty during the AI Impact Summit. The integration of AI solutions enhances security and addresses transaction issues effectively, according to Kanvaty and other industry leaders.

At the AI Impact Summit held in the national capital, experts highlighted the crucial role of artificial intelligence in enhancing fraud detection and protecting the integrity of payment systems. According to Vishal Anand Kanvaty, Chief Technology Officer at NPCI, AI has proven to be an indispensable tool in ensuring trust within financial transactions.

Kanvaty emphasized that AI solutions not only detect anomalies effectively but also help in explaining transaction issues to customers. He underscored the balance between security and convenience embedded in payment infrastructures, advocating for the adoption of AI for improved fraud detection at scale.

Further elaborating on AI's transformative impact, Air India's Chief Digital and Technology Officer, Satya Ramaswamy, discussed the growing use of AI within the airline industry, demonstrating the technology's broad applicability across diverse sectors.

(With inputs from agencies.)