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It’s crucial to manage fraud and risk effectively in financial resilience. In 2023, the average business incurred $6 trillion in cyberattack costs and experienced operational disruption of $260,000 per hour. It's safe to say that where traditional systems have failed to live up to expectations, Artificial Intelligence is the most promising solution.
In this episode of the Analytics Insight Podcast, Priya Dialani speaks with Vincent Walden, CEO of konaAI, recently acquired by Covasant Technologies, on how AI-driven platforms are revolutionizing compliance and risk management in finance.
Using continuous tracking rather than audits dated by projects is something Priya mentions as the impact of generative AI and automation in finance. Walden mentions that Kona AI utilizes sophisticated analytics to scan through huge amounts of financial data, sufficiently highlighting in real time any transactions that seem out of place.
“We’ve processed over $1.4 trillion through our algorithms and flagged nearly $500 million in high-risk payments,” Walden notes. “Fraud risk management isn’t a one-time project, it’s an ongoing business process.”
Walden has a long career in consulting on forensic technology, working with Arthur Andersen and Ernst & Young before launching konaAI. In his consulting roles, Walden learned firsthand how tedious and costly the refresh process of fraud detection can be because it occurs so frequently and has to be done manually.
Walden and his team started with this exact problem in mind, and came up with their solution based on a cloud-native product that is constantly integrating with the enterprise's systems.
Now, in the survey and exploration of developing agentic AI at Covasant, the platform became integrated into konaAI 2.0. Therefore, rather than having humans manually testing, monitoring, and hunting for fraud through dashboards, the AI agents autonomously do all the above through the platform.
This faster, scalable, and more accurate assessment and prevention approach allows for investigation on a far wider scope than humans can manage across complex financial ecosystems.
According to Walden, the goal is straightforward: assist companies in uncovering concealed funds and enhancing compliance while maintaining the flow of business. The generative AI sector is expected to reach $62.72 billion in 2025, and he is confident that companies that utilize AI-driven risk management will be the most effective in minimizing losses and building trust.
Vincent Walden concludes, “Fraud detection must evolve from static audits to living, intelligent processes. With AI and digital platforms, organizations can move from reacting to fraud to preventing it.”
