China’s biggest bank in terms of assets is making use of big data and artificial intelligence to step up its fraud prevention capabilities.
Industrial and Commercial Bank of China (ICBC) said that it recently launched the “Rong’an E Xin” (融安e信) big data risk control smart services platform, to serve as an “anti-fraud protective wall” for the online and electronic transactions of the Chinese banking sector.
According to ICBC the platform has already served to prevent nearly half a million risky or fraudulent electronic transactions, saving clients losses of over 11.4 billion yuan.
ICBC said that the platform involves sharing and cooperation with China’s public security authorities with regard to risk data, as well as the establishment of specialist fraud blacklists and databases, and automatic integration with broader banking operations systems.
“It supports early warning and prevention of operational risk, effectively preventing risk of external fraud,” said ICBC.
The Rong’an E Xin system has already compiled over 3 billion data items, as well as provided its smart risk prevention services to over 300 banking sector financial institutions, and more than 630,000 enterprise clients.