TORONTO, Sept. 23, 2024 /PRNewswire/ — The University of Toronto’s Rotman School of Management and global leader in data and AI SAS have launched a Financial Crimes Lab to support Rotman students with hands-on experience in tackling complex fraud and financial crime schemes with data and AI.
The lab will use solutions provided at no cost by SAS Global Academic Programs, including SAS® Viya® for Learners, which allows coders and non-coders to gain experience in all stages of the analytics life cycle. The advanced analytic capabilities of SAS Viya will enable students to manage projects, conduct analysis, and apply AI and machine techniques to help develop analytics to better detect fraud and financial crimes at organizations that are partnering with the Rotman initiative.
Gerhard Trippen, Academic Director, Master of Management Analytics at Rotman, said students will benefit from regular check-ins, milestones and support outside of regular school hours.
“Students are going to gain valuable experiences through this lab, not just from the tools helping empower them, but the industry mentorship as well. I think this is a great structure. As a student, I would have loved something like this,” said Trippen.
Empowering the next generation of advanced analytics talent
Technology has advanced rapidly in recent years. Financial services and other industries have trended towards digitalization, and virtual currencies and digital identity recognition are no longer novelties. The innovation in financial services is exciting, but at the same time, it increases the opportunities for financial crime.
SAS’ recent consumer fraud study, based on a survey of 13,500 people, found that 89% of respondents expect organizations to better protect them from fraud. Further, two-thirds indicated they would switch service providers for better fraud safeguards. Fraudsters are using AI to better target victims, create deepfakes and obscure their identities. The Rotman lab will equip students with the AI skills to detect sophisticated fraud and financial crimes and fight back.
“Armed with leading data and AI technologies, Rotman’s SAS-powered Financial Crimes Lab connects organizations with the next generation of fraud and financial crimes fighters,” said Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions at SAS. “Students benefit from hands-on, real-world experience, while forging valuable connections. In a market where AI and fraud prevention talent is in short supply, partnering organizations can augment their in-house resources to unravel the increasing number of hard-to-detect schemes.
“As businesses across industries accelerate the adoption of AI technologies to keep pace with criminals, partnerships like this help ensure that future fraud fighters graduate with the tech acumen they need to be competitive in the market and keep bad actors at bay.”
Learn more
Are you a Rotman student interested in gaining real-world experience fighting fraud and financial crimes? Or is your organization prospectively interested in partnering with the Rotman lab to amplify your in-house anti-fraud capabilities? Register online at sas.com/ca/rotmanlab for more information.
