The threat of fraud is a constant concern in the ever-evolving landscape of financial services. RBC has been at the forefront of innovation, leveraging advanced technologies to stay ahead of emerging and evolving threats. The bank's Global Functions Technology (GFT) team has been instrumental in this effort, integrating artificial intelligence (AI) to modernize its fraud detection capabilities.
The GFT team leverages advanced AI and machine learning (ML) models to process large-scale event data, detect behavioral patterns and anomalies indicative of fraud. This data-driven approach enhances threat identifications and accelerates investigative triage. Notably, RBC’s fraud detection platform has demonstrated marked improvements in both real time detection capability and precision and accuracy.
The GFT team's use of AI in fraud detection is a key part of RBC's strategy to protect its customers and maintain the integrity of its financial transactions. AI and ML advancements enable RBC to detect and prevent fraud more effectively, reducing the risk of financial loss for clients and maintaining trust in the banking system.
The development of RBC's AI-powered fraud detection platform was a collaborative effort, involving multiple teams and stakeholders and enabled RBC to leverage the collective expertise of its teams, resulting in a solution that is innovative, robust, and scalable. The GFT team worked closely with Global Cyber Security, RBC Borealis, fraud data science, and enterprise platform teams to ensure the platform was tailored to the bank's specific requirements.
RBC's approach to AI-powered fraud detection is guided by its strong commitment to a responsible approach to AI. RBC remains committed to ensuring that its AI efforts reflect high standards of accountability, fairness, privacy and security, and transparency.
Incorporating AI to modernize its fraud detection capabilities, RBC remains focused on protecting its clients to reduce the risk of financial loss for clients and maintain trust in the banking system.
To learn more about innovation at RBC and explore technology career opportunities visit jobs.rbc.com/rbctech