The University of Toronto’s Rotman School of Management has teamed up with global data and AI leader SAS to launch a Financial Crimes Lab. The initiative aims to give Rotman students hands-on experience in combating complex fraud and financial crime using data and AI technologies.
With SAS Global Academic Programs, students will be able to access solutions including SAS® Viya® for Learners, FREE. This platform enables coders and no coders to be involved in every stage of the analytics life cycle. As a tool, it comes with sophisticated analytic power; students can track and execute projects; do data analysis; and apply AI solutions to enhance fraud prevention. Information about this initiative will be useful to organizations that engage with the Rotman lab in hope of designing new strategies for combating financial crimes.
Mentorship and Digital Fraud Risks
Another good point concern the necessity of constant calls and meetings with the supervisor Gerhard Trippen, Academic Director of the Master of Management Analytics at Rotman. Students will obtain experiences through this lab; the tools, and the industry stakeholders guiding the students. From a students’ perspective as I am, I would have appreciated it,” Trippen said.
Since the financial service industry has become oriented towards digitalization, financial crime risks also increased. Another SAS research conducted with representatives of 13,500 people discerned that 89% of customers expect an increased level of fraud protection. Also, respondents said that 66% of them would be willing to change the service provider to get a better level of protection against fraud. Now fakesters use AI to attack victims, produce deepfakes, and anonymize themselves.
The new lab at Rotman preparing students to identify and combat such complex crimes is designed. To this end, Stu Bradley, Senior Vice President of Risk, Fraud, and Compliance Solutions at SAS, underscore the importance of the lab. “With SAS’ next-generation data and advanced analytics capabilities, Rotman’s SAS-Financial Crimes Lab, matches today’s companies with its new generation suspects and fraud and financial crimes crusaders,” Bradley said.
The lab aims to ensure students gain valuable real-world experience while helping businesses bolster their fraud prevention efforts.
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