Bank of Canada taps MindBridge Analytics for digital payment fraud-detection project


The Ottawa-based artificial intelligence startup will monitor transactions and block suspicious ones as part of a proof-of-concept exercise. The bank will publish a report after the pilot is completed. (The Logic)

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Talking point: The move comes one week after The Logic reported the bank is exploring launching a digital currency to collect more data on transactions than is possible with cash. The MindBridge pilot allows it to gather more information on existing digital payments. It’s also the bank’s latest move to prepare for a digital coin following the first-ever transfer of a digital currency from one central bank to another, which it conducted with Singapore in May. For MindBridge, this is the latest sign of the federal government’s favour. In June, the company raised $14.5 million from the Strategic Innovation Fund. In August, the company hired Alex Benay, formerly the federal government’s chief information officer.