Research led by Dr Georgios Samakovitis on fraud detection and anti-money laundering has helped UK government, industry and financial services regulators, as well as society in general.
The techniques and concepts introduced changed the perception of UK public bodies and the financial services industry, initially through attracting stakeholder interest in industry fora, and later through direct contribution in the UK Payments Strategy Forum and the HMG Cabinet Office Counter-fraud Data Advisory Group.
More specifically, successful application of Case-based Reasoning (CBR) for fraud detection in electronic money transfer has proven that intelligent techniques that rely on prior knowledge (confirmed illicit transactions) mitigate costly misclassification risks borne by other, often more advanced, practices.
Informing Public Policy and Regulation with AI-based analysis for the detection of Money Laundering and Fraud was carried out by: Professor Georgios Samakovitis and marginally supported by Stelios Kapetanakis.
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