The priority areas for the company will be the digital payments space and the financial sector
The company will make an undisclosed amount of strategic investment over the course of next three years to ‘build and nurture’ the AI HUB
The global fraud detection and prevention market was pegged at $25.66 Bn in 2021 and is projected to reach $129 Bn by 2029
Fintech startup Infibeam Avenues on Tuesday (August 8) announced that it will foray into the AI-enabled fraud detection market. The listed company plans to build AI-based solutions for authentication, fraud detection and risk identification for both domestic and global markets.
At the outset, the priority areas for the company will be the digital payments space and the financial sector where it will deploy AI and machine learning algorithms to detect fraudulent activities in online transactions on a real-time basis.
As part of this, Infibeam Avenues will establish, what it claims to be, India’s first AI HUB at Gujarat International Finance Tec-City (GIFT City). The company will make an undisclosed amount of strategic investment over the course of next three years to ‘build and nurture’ the AI HUB.
“The AI HUB is planned to be a “One-Stop Shop” to bring AI and Machine Learning (ML) into the day-to-day activities as well as analyse data and provide actionable winning fraud detection solutions for businesses, organizations and governments to tackle rising threats to financial systems, businesses and national interest,” the company said.
In the long term, the in-house team at AI HUB will develop customised fraud detection and prevention solutions for industries such as banking, insurance, FMCG, manufacturing, utility sector, and for government agencies.
The potential AI solutions will leverage the fintech firm’s huge tranche of payment processing data. As per the company, the data will provide it a technological edge to build deep learning algorithms and models for detecting frauds in the financial space.
Under the initiative, the company will hire AI engineers and data scientists to build an in-house talent pool to fuel the vertical’s growth. In collaboration with global entities, the AI HUB will offer funding, mentorship, infrastructure and business opportunities to facilitate AI startups.
The newly elevated chairman and managing director of Infibeam Avenues Vishal Mehta will oversee the daily operations of the AI HUB.
“Under the FAR (fraud detection, authentication and risk identification) initiative, setting up AI HUB is a bold and strategic move with a comprehensive plan to foster AI innovation, attract talent, and create a supportive ecosystem that will develop and offer fraud management solutions,” Mehta said.
He added that the investment by the company will fuel the growth of the talent pool in the field of the emerging technology to help build complex and high-value use cases for both enterprises and the government.
Infibeam Avenues aims to tap into the growing AI and fraud detection wave in the country and globally. As per a report, the global fraud detection and prevention market was pegged at $25.66 Bn in 2021 and is projected to reach $129 Bn by 2029.