Government to deploy AI to spot fake investor refund claims
Business
The government's bringing in AI to help spot fake investor refund claims (think unclaimed shares, dividends, and matured deposits) across about 290,000 cases.
Right now, these are checked by hand, with humans still having the final say.
NeGD to deploy 12 AI tools
The National e-Governance Division (NeGD) is seeking to deploy 12 different AI tools to check who's legit and who's not.
These systems are designed around 28 types of fraud, from forged IDs to fake death certificates, and will cross-check claim details against official records.
If someone tries using the same contact info for multiple claims, the AI will flag it for review.
The whole setup phase should take four months, with support planned for up to three years to really lock down on fraud.