Kasikornbank

Kasikornbank is a Thai bank and the country's most profitable financial institution. It offers banking services, including wealth management and fraud detection, and has recently implemented AI-powered systems for these functions.

Why it’s in the news: It is in the news due to a court-ordered $124,000 compensation payout after its AI fraud detection system failed to prevent a scam.

Latest on Kasikornbank

• Thailand's Kasikornbank taps AI to expand wealth management customer base
• Thailand's most profitable bank forced to pay beauty queen after $124,000 AI scam ↗
• Thailand's Kasikornbank launched an AI-powered wealth management platform on September 24, 2024.
• Kasikornbank's AI fraud detection system missed four midnight transfers totaling $124,000 because the technology designed to stop exactly this kind of attack was either not monitoring, not alerting, or not trusted enough to act
• Kasikornbank was ordered by Thailand's Civil Court to compensate Thai-British actress Charlotte Austin after the bank failed to flag suspicious after-midnight transfers during an AI scam that cost Austin 4 million baht ($124,000)

Connections

9 entities linked to Kasikornbank across the news graph.