Sri Lanka, March 1 -- With the significant rise in online financial crimes, the Central Bank of Sri Lanka (CBSL) this week called on the financial institutions to explore the possibility of using artificial intelligence (AI)-driven technology to help tackle frauds and scams.

CBSL Governor Dr. Nandalal Weerasinghe asserted that it is time for the local financial institutions to strengthen their fraud detection mechanisms by adopting advanced technologies to safeguard the financial system.

"Fuelled by the rapid expansion of the digital landscape, the global financial sector is witnessing a surge in cyberthreats, money laundering and cross-border illicit transactions, demanding stronger regulatory frameworks and cutting-edge technology sol...