Strengthening fraud and financial crime units: AI, data and smarter investigations

In today’s banking sector, the fight against scams and financial crime is more challenging than ever. Digital banking, faster payments, and new customer channels have created more opportunities for criminals to exploit unsuspecting customers. From romance and investment scams to sophisticated digital fraud and synthetic identity crime, the sheer diversity of case types is stretching investigative teams to their limits. 

Banks face a constant stream of new cases every week, a mix of high-value, complex scams driven by organised crime syndicates, and high-volume fraud incidents that can overwhelm already stretched resources. Protecting customers from these threats is a top priority, but effective protection demands more than just detection. It requires streamlined investigations that deliver fast, accurate outcomes. 

The expanding fraud landscape 

Banks and financial institutions are now dealing with a broad range of fraud typologies, including: 

• Romance scams – Fraudsters build online emotional bonds to solicit money for fake emergencies. 

• Investment scams – Victims lured into fake crypto or “guaranteed” return schemes. 

• Lottery and inheritance scams – False promises of winnings that require upfront “release” fees. 

• Business email compromise (BEC) – Criminals impersonating executives or suppliers to redirect payments. 

• Money muling – Illicit funds channelled through unwitting customers. 

• Phishing, smishing, vishing – Fraudsters stealing credentials through deceptive communications. 

• Account takeover (ATO) – Stolen credentials used to hijack online accounts. 

• Synthetic identity fraud – Fraudsters combining real and fake details to create new identities. 

• Cheque and deposit fraud – Counterfeit or altered instruments deposited via digital channels. 

• Payment and card fraud – Unauthorised transactions using compromised data. 

Each typology carries unique challenges: different investigative pathways, evidence requirements, and reporting obligations. Some cases are high-value and complex, driven by organised crime syndicates; others are high-volume, low-value incidents that flood fraud desks daily. Either way, the investigative workload is relentless. Managing them at scale is one of the biggest challenges for banks and regulators alike. 

Investigations: A critical battleground 

Detection is only half the battle. Once suspicious activity is flagged, investigators face the enormous task of piecing together fragmented data, substantiating evidence, and preparing briefs of evidence for compliance or law enforcement. 

This process is not only time-consuming but also highly resource intensive. Investigators often find themselves bogged down in manual evidence mapping, duplicating effort across multiple case types, and struggling to keep pace with the sheer volume. Delays in investigations can mean lost opportunities to recover funds, protect victims, or prevent further fraud. The speed, accuracy, and scalability of investigations directly determine how effective a bank is in protecting customers.  

How banks can use Comtrac to power their financial crime units 

Some banks are already transforming their fraud investigations with Comtrac, a modern investigation management platform that provides the flexibility and structure needed to efficiently manage a wide variety of case typologies. Here’s how Comtrac supports investigative teams on the ground:  

✅  Fast case intake to support customer SLAs 

Speed is critical when combating fraud. With Comtrac, investigators can create cases in just 5–10 minutes, helping them meet the strict SLA deadlines that financial institutions often require. 

✅  Evidence management and mapping 

Each piece of evidence is indexed and mapped against the elements of the scam or fraud offence, giving investigators a structured approach to building cases. 

Comtrac also offers purpose-built AI for investigators. The platform uses targeted models designed to improve investigative accuracy and efficiency. Comtrac’s AI-assisted evidence mapping analyses data and exhibits related to an offence and excels at: 

• Extracting key evidence to substantiate findings 

• Uncovering hidden connections or overlooked patterns across multiple pieces of evidence 

• Mapping evidence directly to the legal elements of an offence 

✅  Linked cases for scam syndicates 

When multiple victims are impacted by the same scam syndicate, Comtrac’s relationship-linking feature enables investigators to connect cases, identify broader patterns, and share intelligence with law enforcement. 

✅  Chronological event logging 

From the first referral to customer contact and final resolution, all investigator actions, customer conversations (including duty-of-care discussions), and interactions with other banks are logged in Comtrac’s event chronology. This is vital for transparency and compliance. 

✅  Capture critical case details aligned to business needs 

Comtrac is fully configurable, allowing investigators to capture key details for every case — from payment methods and compromise points to police references and ombudsman complaint numbers. 

✅  Formal outputs and evidence sharing 

At the end of each case, investigators can generate a Brief of Evidence — a comprehensive record for internal use, customer relations, or external bodies such as Australian Financial Complaints Authority (AFCA) or the police. Outcome letters can also produced automatically to update affected customers. 

The road ahead: Staying ahead of criminal innovation 

As criminals increasingly use AI to create deepfakes, automate scams, and test vulnerabilities in detection systems, staying ahead requires collaboration. Banks, regulators, and technology providers must work together, combining human expertise with advanced AI and structured case management. 

The future of fraud defence goes beyond identifying threats; it’s about equipping investigators with the tools and data they need to respond quickly, accurately, and ethically. 

This year’s panel discussion at the Australian Financial Crime Summit - AI & Data: The Future of Fraud Detection and Investigation - will bring together experts from Griffith University, OFX, Citi Group, and Comtrac to explore these challenges and opportunities. 

One thing is clear: AI and data are not just shaping the future of fraud detection they are transforming how investigations deliver justice.