Board of Infibeam Avenues approves transfer of its AI biz to new wholly owned subsidiary

At meeting held on 09 July 2024

The Board of Infibeam Avenues at its meeting held on 09 July 2024 has approved to incorporate a Wholly Owned Subsidiary Company and has also approved to transfer its artificial intelligence business Phronetic.AI into the said Company and hence, the Proposed Company would be in the business of Artificial Intelligence (AI) enabled fraud detection & prevention market space with an initial focus on fintech & financial sector building AI solutions for Fraud detection, Authentication and Risk identification (FAR) to nurture AI ecosystem & develop solutions for the domestic and global market.

The proposed Company would be a "One-Stop Shop" to bring AI and Machine Learning (ML) into the day-today activities as well as analyse data and provide actionable winning fraud detection solutions for businesses, organizations and governments to tackle rising threats to financial systems, businesses and national interest.

 

AI plays a significant role in fraud management and improving operational efficiency for organisations by helping them identify, prevent, detect, and respond to fraudulent activities. By utilising AI and machine learning algorithms, combining big data sources with real-time monitoring and utilizing adaptive and predictive analytics techniques, it can detect patterns and anomalies that indicate fraudulent activities, such as payment fraud, identity theft, or phishing attacks. These AI-based solutions can continually adapt and learn from new fraud patterns and trends, continuously improving their detection capabilities. Furthermore, video AI based systems can integrate with security systems like CCTV data to provide more comprehensive approach to fraud prevention and improvement of overall operational efficiency of organisations.

The wholly owned subsidiary Company once incorporated will be a related party of the Company. However, the Promoters/ Promoter group/ group companies do not have any interest.

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