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Nasdaq Pioneers Next-Gen AI Technology to Fight Back Against Cyber Fraud, Says CEO Friedman

2 mins
Updated by Kyle Baird
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In Brief

  • Nasdaq enhances its fight against financial crime with advanced AI tools, as noted by CEO Adena Friedman.
  • The FBI's Christopher Delzotto highlights the increasing challenge of proactive investigations in cybercrime.
  • A recent survey found that with appropriate on-chain tools, tackling crypto crimes becomes more manageable.
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In an era where cybercrime and financial fraud are becoming increasingly sophisticated, Nasdaq Inc. is taking a proactive stance. CEO Adena Friedman announced significant investments in next-generation AI technology to combat these growing threats.

This move underscores Nasdaq’s commitment to enhancing its anti-crime capabilities, particularly against the backdrop of a financial industry grappling with digital-age challenges.

Nasdaq Pulls Out AI Big Guns

Friedman, at the Consumer Technology Association conference in Las Vegas, emphasized,

“We are investing in the technology in a very significant way.”

This initiative is more than just an expansion; it’s a strategic evolution for Nasdaq. Since becoming CEO in 2017, Friedman has led Nasdaq beyond its exchange role, focusing on stable revenues and tech innovation.

The technology in question leverages artificial intelligence to predict and accelerate the identification of criminal activities, thereby aiding in the swift elimination of threats. Nasdaq’s collaboration with banks and other firms is key, helping them strengthen defenses against financial crimes using advanced software.

Meanwhile, FBI assistant special agent in charge of the San Antonio division, Christopher Delzotto, highlighted the rising tide of cybercrime, a testament to the need for such technological advancements. Delzotto pointed out the transnational nature of these threats:

“Most of the actors are in countries where we can’t do proactive investigations.”

The FBI’s increasing workload in tackling cyberattacks in various sectors accentuates the urgency for innovative solutions like using AI technology.

Law Enforcement Agencies Adopting On-Chain Tools to Fight Crypto Crime

Adding another layer to this complex cryptocurrency sector. A recent survey by TRM Labs revealed that nearly 50% of law enforcement professionals believe crypto crimes can be more effectively managed with the right on-chain tools.

The survey involved 300 US and international law enforcement professionals. The results underscore the importance of on-chain analytical tools in investigating sophisticated crypto transactions.

Importance of On-Chain Analysis Tools For The Successful Investigation of Crypto Crimes. Source: TRM Labs
Importance of On-Chain Analysis Tools For The Successful Investigation of Crypto Crimes. Source: TRM Labs

Leading financial institutions like Nasdaq are integrating AI and on-chain analysis tools. This, coupled with increased law enforcement training in crypto crimes, addresses the complex nature of financial cybercrime.

As these technologies increasingly integrate into the financial sector, the aim is to gain the upper hand over cybercriminals, creating a safer environment for both businesses and consumers.

Read more: How To Evaluate Cryptocurrencies with On-Chain & Fundamental Analysis

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.

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Kyle Baird
Kyle migrated from the East Coast USA to South-East Asia after graduating from Pennsylvania's East Stroudsburg University with a Bachelor of Science degree in 2010. Following in the footsteps of his grandfather, Kyle got his start buying stocks and precious metals in his teens. This sparked his interest in learning and writing about cryptocurrencies. He started as a copywriter for Bitcoinist in 2016 before taking on an editor's role at BeInCrypto at the beginning of 2018.
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