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‘Digital pound’ wallets will need to use AI to detect fraud, BOE suggests

By Phoebe Seers ( March 21, 2023, 11:28 GMT | Insight) -- Fintech companies have been given a glimpse of the next frontier in fraud detection and prevention, with the UK's central bank saying it expects providers of wallet services for its future "digital pound" to use machine learning and digital identification against scammers. The Bank of England has not committed to a central bank digital currency, but it says it thinks one will be needed and is now studying how to design the technology and policy requirements.Fintech companies have been given a glimpse of the next frontier in fraud detection and prevention, with the UK's central bank saying it expects providers of wallet services for its future "digital pound" to use machine learning and digital identification against scammers....

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