APAC banking leaders prioritize AI for fraud detection

Banking leaders in the Asia-Pacific region are increasingly prioritizing generative artificial intelligence for fraud and scam detection. According to a survey by FICO, over 60% of banking executives identified fraud prevention as the primary area where AI could improve operations within the next 12 months.

Other identified use cases for AI include underwriting decisions (21%), customer-facing digital banking services (15%), and regulatory compliance monitoring (3%). Approximately 77% of respondents emphasized the necessity of purpose-built AI tools specifically designed for financial services.

Despite the interest, significant barriers to adoption remain. Data privacy and protection were cited by 42% of executives as the largest obstacle, followed by regulatory and compliance risks and model transparency, each at 21%. Nearly half of the respondents expect task-specific AI models to be deployed in fraud, compliance, and underwriting within one to two years.