ExaWizards and the Bank of Fukuoka start providing account holders with a test version of an account protection service which utilizes AI to detect fraud or overpayment
ExaWizards Inc. (Headquarters: Minato-ku, Tokyo; President & CEO: Ko Ishiyama; hereinafter, “ExaWizards”) has developed an account protection service which utilizes AI to detect fraud or overpayment (patent pending) in a joint venture with the Bank of Fukuoka, Ltd. (Headquarters: Fukuoka City; Fukuoka Prefecture, Chairman & President: Takashige Shibato; hereinafter, “the Bank of Fukuoka”). A test version of this service started to be provided to a limited number of Bank of Fukuoka account holders from July 13 (Mon.).
Detects abnormal payments and changes in spending behavior early, and can be shared between parents and children
Japan is a super-aging society, and there are many concerns surrounding senior citizens, the range of which only increases with age, such as the risk of becoming victims of fraud, forgetfulness and unnecessary purchases and stock piling, losing contact with family members, dementia, etc. In addition, changes to a family member’s behavior often affect how that family uses money. In particular, indications of behavioral changes caused by dementia are said to be very noticeable in the status of a person’s bank account payments.
This newly-developed account protection service uses AI to analyze data on ATM and public utility charge payments by connecting the user’s bank account with an app, and can be shared between parents and children, enabling those with elderly parents to spot signs of any changes. In addition to discovering things such as fraud and overpayments early on based on detected abnormalities in the status of a person’s bank account payments, this service also helps spot the signs of declining cognitive functions by bringing to light changes in that person’s spending behavior, and these signs can then be shared between parents and children through the app.
Following the release of the test version, the fully-fledged version of this service for Bank of Fukuoka account holders is set to be released during FY 2020. Furthermore, plans are in place to unfurl the service throughout Japan through cooperation with other banks.
Features of the account protection service
(1) Situation can be shared easily between parents and children
Parents and children can share information on whether or not there are abnormalities in the account payment status or changes in spending behavior, and gain an understanding of the situation (account details or transaction details are not shared).
(2) Early detection of fraud or overpayment through the detection of abnormalities in the account payment status
Different types of fraud appear year by year, including phone scams involving calls from pretended relatives in distress, scams to convince people to pay for unnecessary renovation work, virtual currency fraud, false invoices via postcards or sealed letters, one-click fraud, phishing scams, etc. As such, this service enables the early detection of fraud or overpayment through the detection of abnormalities in the account payment status using AI.
(3) Spot the signs of declining cognitive functions by bringing to light changes in a person’s spending behavior
AI analysis of bank accounts can also help detect the signs that someone has begun to develop dementia. People can recover from the symptoms of dementia through gradual care beginning before the onset of the condition, so this service can help spot the signs by bringing to light changes in a person’s spending behavior.
[About ExaWizards Inc.]
Sticking to our mission: Solving social issues through Artificial Intelligence for future generations, we develop and commercialize AI products in a wide range of areas from caregiving, medical care, and human resource management to robotics and finance. Our members represent a kaleidoscopic variety of talent, including not only AI engineers but also software and hardware engineers, strategy consultants, UI/UX designers, as well as subject matter experts, researchers, and policy experts specializing in caregiving and other fields. Based in Japan, a super-aging society, ExaWizards, engages in product development with a thorough understanding of the front-line needs and issues in each field, while expanding globally through business development initiatives at overseas bases.