Infibeam Avenues Ltd, India’s first listed fintech company, is venturing into the Artificial Intelligence (AI) realm to tap into the growing market of AI-powered fraud detection. The company will establish India’s inaugural AI HUB at Gujarat International Finance Tec-City (GIFT City), focusing initially on fintech and the financial sector. The AI HUB aims to develop AI solutions for Fraud detection, Authentication, and Risk identification (FAR), catering to the domestic and global markets.
Over the next three years, Infibeam plans a strategic investment to build and nurture the AI HUB, including assembling an in-house team of AI engineers, data scientists, and staff. The initiative also involves fostering global collaborations and supporting AI startups with funding, mentorship, and infrastructure for growth.
Mr. Vishal Mehta, an ex-Amazon executive and the Chairman & Managing Director of Infibeam Avenues Ltd, will oversee the AI HUB’s daily operations.
The AI HUB intends to be a comprehensive resource to integrate AI and Machine Learning (ML) into daily activities, offering effective fraud detection solutions for businesses, organizations, and governments. Infibeam, holding significant payment processing data, plans to leverage its technological advantage to build advanced fraud detection algorithms.
Under the “Fraud detection, Authentication, and Risk identification” initiative, the AI HUB’s goal is to address the rising cases of fraud in payments and e-commerce through AI-based solutions. The market for fraud detection and prevention is projected to grow from $25.66 billion in 2021 to $129 billion by 2029.
AI’s role in fraud management involves identifying, preventing, detecting, and responding to fraudulent activities by employing machine learning algorithms and real-time monitoring. AI solutions can continually adapt and learn from new fraud patterns, enhancing their detection capabilities.
Mr. Vishal Mehta emphasizes India’s growing AI adoption and awareness, envisioning India’s emergence as an AI technology innovation hub in the next 3-5 years. The investment aims to cultivate skilled human resources and develop data-driven intelligence applications for diverse commercial and government use cases.
Initially, the AI HUB will focus on digital payments and the financial sector, providing real-time fraud detection for online transactions. In the long term, it plans to extend custom fraud detection and prevention solutions to various sectors such as banking, insurance, manufacturing, and government agencies.
By FCCT Editorial Team
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