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Straits Times
2 days ago
- Business
- Straits Times
Chatty AI bots put to work in Australia's fight against fraud
When a scammer calls or texts, the AI bots—sophisticated digital decoys—spring into action. PHOTO ILLUSTRATION: PEXELS Scammers targeting people in Australia may soon find themselves talking not to victims but to bots instead. On June 27 , Australia's largest bank Commonwealth Bank of Australia deployed 10,000 artificial intelligence bots to disrupt scam operations, engage scammers in extended conversations, and gather valuable intelligence in real time. When a scammer calls or texts, the multilingual AI chatbots create voice clones that keep fraudsters on lengthy phone calls. During the calls, the bots also extract as much intelligence as possible and feed real-time insights directly into the bank's scam-control systems. 'Scammers are increasingly using AI to target Australians – we're turning the tables by using AI to fight back. Every minute a scammer is engaging with a bot is a minute they're not targeting an Australian,' the bank's group fraud general manager James Roberts said. Developed in partnership with cyber-intelligence firm the initiative is based on a honeypot strategy, which refers to a security mechanism that creates a virtual trap to lure attackers. Professor Dali Kaafar, founder and chief executive of said: 'In the fight against scams, timing is everything. Our intelligence gives organisations like Commonwealth Bank the edge, not just to detect scams, but to anticipate and block it before it reaches customers.' According to data from Australia's National Anti-Scam Centre, phone scams were the most financially damaging form of scams in 2024, with 2,179 victims losing A$107.2 million (S$89.3 million). Text messages were the second most common contact method used by scammers, with investment scams responsible for the highest losses via this channel. Beyond immediate engagement, the bots also help identify emerging scam trends, improve the bank's scam detection capabilities, and support collaborative efforts to shut down scam networks industry-wide. In Singapore, the AI model Meralion screens phone calls and intercepts potentially fraudulent ones, preventing scammers from reaching their intended victims. The Singlish-savvy national AI program, developed by the A*Star Institute for Infocomm Research, is available for the public to install for free. If a call is flagged as suspicious, Meralion answers on behalf of the user, identifies itself as an AI assistant, and prompts the caller to explain the reason for the call. Based on the response, the bot decides whether to connect or block the call entirely. Meralion is also capable of blocking robocalls – automated calls frequently used by scammers to reach large numbers of victims at once. Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
2 days ago
- Business
- The Star
Dollar lingers near 3-1/2-year low as traders wager on US rate cuts
SINGAPORE: The dollar drifted on Friday, hovering near its lowest level in 3-1/2 years against the euro and sterling, as traders wagered on deeper U.S. rate cuts while awaiting trade deals ahead of a July deadline for President Donald Trump's tariffs. With the geopolitical tremors of Israel-Iran conflict in the rear view after a ceasefire that appeared to be holding, market focus this week has been on U.S. monetary policy. The prospect of Trump announcing the next Federal Reserve chair, who is expected to be more dovish, earlier than usual to undermine the current chair Jerome Powell has raised odds of the central bank cutting rates. Powell, whose term ends in May, was also interpreted as being more dovish this week in testimony to U.S. Congress, adding to expectation of more rate cuts. Traders are now pricing in 64 basis points of easing this year versus 46 bps expected on Friday. "The sooner a replacement is announced for Powell, the sooner he could be perceived to be a 'lame duck'," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. The Wall Street Journal reported on Wednesday that Trump has toyed with the idea of selecting and announcing Powell's replacement by September or October, a move analysts say could lead to the person operating as a shadow Fed chair, undermining Powell's influence. Trump has not decided on a replacement for Powell and a decision is not imminent, a person familiar with the White House's deliberations told Reuters on Thursday. "Such an outcome could introduce some volatility into financial markets if the nominee makes public comments markedly different to the current chair," CBA's Kong said. "For now, expectations President Trump will choose a more dovish chair will keep downward pressure on FOMC pricing and the USD." Trump has repeatedly attacked Powell and called for rate cuts this year, stoking investor worries about the slow erosion of U.S. central bank's independence and credibility. The euro was steady at $1.1693 in early trading after hitting $1.1745 in the previous session, its highest since September 2021. Sterling last fetched $1.3733, just below the October 2021 top of $1.37701 touched on Thursday. The dollar index, which measures the U.S. unit versus six other currencies, was lingering near its lowest since March 2022 at 97.378, on course for a 2% decline in June, its sixth straight month in the red. The index has dropped more than 10% this year as Trump's tariffs stoke U.S. growth worries, leading investors to look for alternatives. The yen was a bit weaker at 144.73 per dollar, while the Swiss franc was last at 0.8013 per dollar, perched near its strongest level in a decade. Investor attention will also be on progress on trade deals ahead of the July 9 deadline for Trump's "reciprocal" tariffs as nations scramble to get an agreement over the line with the clock ticking. German Chancellor Friedrich Merz said on Thursday the EU should do a "quick and simple" trade deal with the United States rather than a "slow and complicated" one. A White House official said on Thursday the U.S. has reached an agreement with China on how to expedite rare earths shipments to the United States. The dollar's weakness pushed the Australian dollar often considered a risk proxy, to a seven-month high of $0.6564 on Thursday. It last fetched $0.6559 in Asia mid-morning on Friday. The Aussie is set for a 1.6% gain for the week, its strongest week since early April. Emerging market currencies also got a lift from the beaten-down dollar, with the Taiwan dollar surging to its strongest level since April 2022. Traders in Taiwan said the local currency's rise was being driven by expectations of interest rate cuts in the United States, the general global weakness of the greenback and the continued flood of foreign capital into the island. "These trends can't be stopped - the direction coming from the Americans is very clear," said one Taiwan-based market participant. - Reuters
Business Recorder
2 days ago
- Business
- Business Recorder
Dollar hovers near 3-1/2-year low as traders wager on US rate cut
SINGAPORE: The U.S dollar wobbled on Friday, hovering near its lowest level in 3-1/2 years against the euro and sterling, as traders wagered on deeper U.S. rate cuts while awaiting trade deals ahead of a July deadline for President Donald Trump's tariffs. With the geopolitical tremors of the Israel-Iran conflict in the rear view after a ceasefire that appeared to be holding, market focus this week has been on U.S. monetary policy. The prospect of Trump announcing the next Federal Reserve chair, expected to be more dovish, earlier than usual to undermine the current Chair Jerome Powell has raised the odds of the central bank cutting rates. Powell, whose term ends in May, was also interpreted as being more dovish this week in testimony to U.S. Congress, adding to expectations of more rate cuts. Traders are now pricing in 64 basis points (bps) of easing this year versus 46 bps expected on Friday. 'The sooner a replacement is announced for Powell, the sooner he could be perceived to be a 'lame duck',' said Carol Kong, a currency strategist at Commonwealth Bank of Australia. Trump has not decided on a replacement for Powell and a decision is not imminent, a person familiar with the White House's deliberations told Reuters on Thursday. 'For now, expectations President Trump will choose a more dovish chair will keep downward pressure on FOMC pricing and the USD,' CBA's Kong said. Dollar down against euro, sterling Trump has repeatedly attacked Powell and called for rate cuts this year, stoking investor worries about the slow erosion of U.S. central bank's independence and credibility. The euro eased to $1.16885 after hitting $1.1745 in the previous session, its highest since September 2021. Sterling last fetched $1.3725, just below the October 2021 top of $1.37701 touched on Thursday. The dollar index, which measures the U.S. unit versus six other currencies, was lingering near its lowest since March 2022 at 97.398, on course for a 2% decline in June, its sixth straight month in the red. The index has dropped more than 10% this year as Trump's tariffs stoke U.S. growth worries, leading investors to look for alternatives. The yen was slightly weaker at 144.56 a dollar, while the Swiss franc was last at 0.8013 a dollar, perched near its strongest level in a decade. Tariff deadline looms Investor are also looking for signs of progress on new trade deals ahead of the July 9 deadline for Trump's 'reciprocal' tariffs as nations scramble to get an agreement over the line. German Chancellor Friedrich Merz said on Thursday the EU should do a 'quick and simple' trade deal with the United States rather than a 'slow and complicated' one. A White House official said the U.S. has reached an agreement with China on how to expedite rare earths shipments to the United States. The U.S. dollar's weakness pushed the Australian dollar , often considered a risk proxy, to a seven-month high of $0.6564 on Thursday. It last fetched $0.65435 on Friday and was set for a 1.6% gain for the week, its strongest week since early April. Emerging market currencies also got a lift from the beaten-down U.S. dollar, with the Taiwan dollar surging to its strongest level since April 2022. 'Everyone is selling U.S. dollars - foreign investors are selling, and exporters are selling too,' a Taiwan based trader told Reuters. 'Even now, we have big clients who sold their U.S. dollar positions early this morning.' The next key event for markets will be the release of the core PCE price index in the U.S. on Friday, which could offer additional clues on the Fed's rate trajectory. 'A softer print can potentially reinforce recent dovish Fed rhetoric and further dovish repricing cannot be ruled out,' said Christopher Wong, currency strategist at OCBC. 'This should also add to broad USD weakness.'
CNBC
2 days ago
- Business
- CNBC
Dollar lingers near 3-1/2-year low as traders bet on U.S. rate cuts
The dollar drifted on Friday, hovering near its lowest level in 3-1/2 years against the euro and sterling, as traders wagered on deeper U.S. rate cuts while awaiting trade deals ahead of a July deadline for President Donald Trump's tariffs. Market focus this week has been on U.S. monetary policy. The prospect of Trump announcing the next Federal Reserve Chair, who is expected to be more dovish, earlier than usual to undermine the current chair Jerome Powell has raised odds of the central bank cutting rates. Powell, whose term ends in May, was also interpreted as being more dovish this week in testimony to U.S. Congress, adding to expectation of more rate cuts. Traders are now pricing in 64 basis points of easing this year versus 46 bps expected on Friday. "The sooner a replacement is announced for Powell, the sooner he could be perceived to be a 'lame duck'," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. The Wall Street Journal reported on Wednesday that Trump has toyed with the idea of selecting and announcing Powell's replacement by September or October, a move analysts say could lead to the person operating as a shadow Fed chair, undermining Powell's influence. Trump has not decided on a replacement for Powell and a decision is not imminent, a person familiar with the White House's deliberations told Reuters on Thursday. "Such an outcome could introduce some volatility into financial markets if the nominee makes public comments markedly different to the current chair," CBA's Kong said. "For now, expectations President Trump will choose a more dovish chair will keep downward pressure on FOMC pricing and the USD." The euro was steady at $1.1693 in early trading after hitting $1.1745 in the previous session, its highest since September 2021. Sterling last fetched $1.3733, just below the October 2021 top of $1.37701 touched on Thursday. The dollar index, which measures the U.S. unit versus six other currencies, was lingering near its lowest since March 2022 at 97.378, on course for a 2% decline in June, its sixth straight month in the red. The index has dropped more than 10% this year as Trump's tariffs stoke U.S. growth worries, leading investors to look for alternatives. The yen was a bit weaker at 144.73 per dollar, while the Swiss franc was last at 0.8013 per dollar, perched near its strongest level in a decade. Investor attention will also be on progress on trade deals ahead of the July 9 deadline for Trump's "reciprocal" tariffs as nations scramble to get an agreement over the line with the clock ticking. German Chancellor Friedrich Merz said on Thursday the EU should do a "quick and simple" trade deal with the United States rather than a "slow and complicated" one. A White House official said on Thursday the U.S. has reached an agreement with China on how to expedite rare earths shipments to the United States.
New Straits Times
2 days ago
- Business
- New Straits Times
Dollar lingers at its weakest in over three years as traders bet on US rate cuts
SINGAPORE: The dollar drifted on Friday, hovering near its lowest level in three-and-a-half-years against the euro and sterling, as traders wagered on deeper US rate cuts while awaiting trade deals ahead of a July deadline for President Donald Trump's tariffs. Market focus this week has been on US monetary policy. The prospect of Trump announcing the next Federal Reserve Chair, who is expected to be more dovish, earlier than usual to undermine the current chair Jerome Powell has raised odds of the central bank cutting rates. Powell, whose term ends in May, was also interpreted as being more dovish this week in testimony to US Congress, adding to expectation of more rate cuts. Traders are now pricing in 64 basis points of easing this year versus 46 bps expected on Friday. "The sooner a replacement is announced for Powell, the sooner he could be perceived to be a 'lame duck'," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. The Wall Street Journal reported on Wednesday that Trump has toyed with the idea of selecting and announcing Powell's replacement by September or October, a move analysts say could lead to the person operating as a shadow Fed chair, undermining Powell's influence. Trump has not decided on a replacement for Powell and a decision is not imminent, a person familiar with the White House's deliberations told Reuters on Thursday. "Such an outcome could introduce some volatility into financial markets if the nominee makes public comments markedly different to the current chair," CBA's Kong said. "For now, expectations President Trump will choose a more dovish chair will keep downward pressure on FOMC pricing and the USD." The euro was steady at US$1.1693 in early trading after hitting US$1.1745 in the previous session, its highest since September 2021. Sterling last fetched US$1.3733, just below the October 2021 top of US$1.37701 touched on Thursday. The dollar index, which measures the US unit versus six other currencies, was lingering near its lowest since March 2022 at 97.378, on course for a 2 per cent decline in June, its sixth straight month in the red. The index has dropped more than 10 per cent this year as Trump's tariffs stoke US growth worries, leading investors to look for alternatives. The yen was a bit weaker at 144.73 per dollar, while the Swiss franc was last at 0.8013 per dollar, perched near its strongest level in a decade. Investor attention will also be on progress on trade deals ahead of the July 9 deadline for Trump's "reciprocal" tariffs as nations scramble to get an agreement over the line with the clock ticking. German Chancellor Friedrich Merz said on Thursday the EU should do a "quick and simple" trade deal with the United States rather than a "slow and complicated" one. A White House official said on Thursday the US has reached an agreement with China on how to expedite rare earths shipments to the United States.
