AI Fraud Detection in Payment Systems: NPCI

New Delhi, Feb 20 (PTI) Artificial intelligence is helping in detecting frauds as well as in ensuring that the trust in the payment system is not compromised, NPCI Chief Technology Officer Vishal Anand Kanvaty said on Friday.

"I don't see it as a challenge at all because in our experience, it's been very, very helpful to obviously ensure that trust in the payment system is not compromised...," he said.


Speaking at a session at the AI Impact Summit in the national capital, elaborated on how AI solutions also help in explaining to customers about any failure or other issues related to a transaction.

"We had a balance of both security, convenience, which was so embedded in the payment systems. So, and that's where we stood with the principals and said, you know, it's important for us to adopt AI, especially on something like fraud detection, and then we went on to do anomaly detections, you know, at scale," he said.

At the session, leading airline Air India's Chief Digital and Technology Officer Satya Ramaswamy talked about increasing use of AI at the carrier.