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City launches “AI Innovation Challenge” to tackle online fraud

  • May 23, 2024
  • 4 min read
City launches “AI Innovation Challenge” to tackle online fraud

The City of London Corporation is launching a new artificial intelligence (AI) Innovation Challenge, backed by Microsoft. This initiative is a prime opportunity for tech companies to partner with financial and professional services to showcase their ability to tackle key digital issues facing businesses.

This year’s Challenge will bring together pioneering AI firms and established financial and professional services to develop technological solutions to prevent online fraud at its earliest possible stage by identifying and tracking fake identities – including synthetic identities and image or audio deepfakes.

The Challenge is designed to accelerate the development of ground-breaking AI solutions to address real world difficulties faced by the financial sector.

A blend of private and public partnerships will be instrumental to seizing the opportunities in this space. For this reason, the City Corporation co-hosted the AI Summit Dinner last Autumn, where discussions highlighted that the UK is ideally poised to be a leader in developing and scaling global AI solutions.

This month UK and Korean Governments will be taking forward global collaboration on developing safe and ethical AI at the AI Seoul Summit. This event is a continuation of talks kicked off at last year’s landmark AI Safety Summit at Bletchley Park.

The financial and professional services sector have one of the highest adoption rates in AI. The Challenge will seek to build on this by developing relevant innovative AI solutions which will be crucial for the UK’s business competitiveness.

Applications for tech firms to participate will open in June on the City of London Corporation website.

Chris Hayward, Policy Chairman at the City of London Corporation said: “This is an exciting opportunity to bring together tech companies and financial and professional services to address an issue so rife in today’s society. Protecting businesses is central to ensuring the City’s remains the premier place to invest and do business, therefore we hope the outcome of the AI Innovation Challenge will make us stronger by allowing us to identify and dissipate criminal threats at the earliest possible opportunity.”

Sarah Armstrong-Smith, Microsoft Chief Security Advisor said: “This is an exciting opportunity to support the development and novel innovation of AI and cyber security use cases, in a collaborative environment that brings together different stakeholders across the UK.”

The City of London Corporation is launching a new artificial intelligence (AI) Innovation Challenge, backed by Microsoft. This initiative is a prime opportunity for tech companies to partner with financial and professional services to showcase their ability to tackle key digital issues facing businesses.

This year’s Challenge will bring together pioneering AI firms and established financial and professional services to develop technological solutions to prevent online fraud at its earliest possible stage by identifying and tracking fake identities – including synthetic identities and image or audio deepfakes.

The Challenge is designed to accelerate the development of ground-breaking AI solutions to address real world difficulties faced by the financial sector.

A blend of private and public partnerships will be instrumental to seizing the opportunities in this space. For this reason, the City Corporation co-hosted the AI Summit Dinner last Autumn, where discussions highlighted that the UK is ideally poised to be a leader in developing and scaling global AI solutions.

This month UK and Korean Governments will be taking forward global collaboration on developing safe and ethical AI at the AI Seoul Summit. This event is a continuation of talks kicked off at last year’s landmark AI Safety Summit at Bletchley Park.

The financial and professional services sector have one of the highest adoption rates in AI. The Challenge will seek to build on this by developing relevant innovative AI solutions which will be crucial for the UK’s business competitiveness.

Applications for tech firms to participate will open in June on the City of London Corporation website.

Chris Hayward, Policy Chairman at the City of London Corporation said: “This is an exciting opportunity to bring together tech companies and financial and professional services to address an issue so rife in today’s society. Protecting businesses is central to ensuring the City’s remains the premier place to invest and do business, therefore we hope the outcome of the AI Innovation Challenge will make us stronger by allowing us to identify and dissipate criminal threats at the earliest possible opportunity.”

Sarah Armstrong-Smith, Microsoft Chief Security Advisor said: “This is an exciting opportunity to support the development and novel innovation of AI and cyber security use cases, in a collaborative environment that brings together different stakeholders across the UK.”

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