While millions of people make use of their credit and debit cards every day without even realizing the intangible controls that secure their transactions, banks are involved in a relentless struggle against scammers who exploit online vulnerabilities to swipe billions of dollars. This issue has intensified in recent years. In the aftermath of the pandemic, global fraud losses picked up, and banks alone lost about $4 trillion in 2020 alone, according to the Association of Certified Fraud Examiners. To tackle this crisis, solutions had to be created—solutions that could keep pace as quickly as the threats.
Devendra Singh Parmar’s work has brought about a revolutionary change in this industry. A specialist in artificial intelligence-based fraud detection and risk management, Devendra has spearheaded the creation of advanced fraud detection models, thus revolutionizing the way financial institutions safeguard their transactions. His background in artificial intelligence, machine learning, and product management has helped banks not only detect fraudulent transactions but also predict and block them with unparalleled accuracy.
Innovating Anti-Fraud through Generative AI
One of Devendra’s biggest innovations was to create next-gen AI-driven fraud models that are designed specifically for fraud detection. Older fraud detection systems, as effective as they were to a point, could not distinguish between fraudulent and legitimate transactions in real time. They produced too many needless false alarms that annoyed customers, or failed to detect sophisticated fraudulent attempts, costing the company money.
To break this barrier, Devendra implemented a new paradigm—Generative AI-driven fraud detection models. Over a dozen sophisticated AI models were created to scrutinize transaction behavior, detect outliers, and measure risk drivers in real-time. The models applied a gradient boosting approach, an artificial intelligence methodology that combines several weak predictive models to create an extremely predictive fraud detection machine. This innovation was a leap forward over rule-based systems, with dynamic, real-time fraud examination.
Devendra explains, “The goal was to shift from reactive fraud detection to proactive fraud prevention.” He adds, “By using generative AI, we made sure that fraud efforts were intercepted ahead of time before they could cause financial harm.”
The outcomes were simply phenomenal. From 2023 to 2024, these AI-driven models of fraud detection successfully prevented fraud losses of roughly $50 million. More than 305 million cardholders and 70 million merchants enjoyed a more secure and safer payment ecosystem. Since transactions are valued in hundreds of billions of dollars, the importance of these advancements cannot be overemphasized.
Directing Industry-Leading Transformation
Apart from halting fraud in real time, Devendra’s efforts have established a benchmark for the financial sector as a whole. His fraud detection technology powered by AI has been established as a benchmark for fraud prevention techniques in the current era. With his role in utilising generative AI with banking security infrastructure, he has made it possible to build the future of digital payments’ threat management.
His job transcended the innovations themselves. Devendra played a crucial role in ensuring that these AI-driven solutions were implemented smoothly into the operational systems of banks. This was a task that involved synchronized strategic efforts from various teams like data scientists, engineers, compliance officers, and risk management executives. His capacity to reconcile the technical innovation with the implementation in practical terms contributed to making these efforts a success.
Devendra also adds, “Our efforts have been a game-changer in the banking sector.” He explains, “The AI models we created not only protect financial institutions but also build customers’ and merchants’ trust in safe transactions daily.”
Recognition and Impact in the Field
Devendra’s work has also been well-applauded by the finance and artificial intelligence communities. His groundbreaking work on fraud detection has won him several prestigious awards, such as the AI100 Award 2025, which singles out outstanding work in the utilization of artificial intelligence in a business environment. Devendra also received the Multiplier Excellence Award 2024 for his outstanding contribution to strengthening financial security.
Apart from gaining industry recognition, Devendra’s knowledge has been sought after as a prominent speaker and panelist for artificial intelligence and financial security-related events. His views have been prominently showcased in the top conferences on AI and banking, where he shared his knowledge in the context of changing fraud prevention dynamics and risk assessment abilities of AI.
Also, his research has paved the way for the innovation of corporate anti-fraud planning strategies at a particularly opportune time. With imminent industry reforms, such as a pending proposed merger between two giant financial players, his AI-generated security frameworks will become ever more valuable to protect millions more transactions.
The Future Impact and Continuing Innovation
As tactics of fraud evolve perpetually, financial institutions have to be one step ahead. Devendra’s ongoing work in AI-based anti-fraud will drive even more innovations in the area. He constantly updates fraud detection models, explores deeper integrations of AI into financial ecosystems, and partners with industry leaders to further enhance security protocols.
“Fraud prevention is not just about technology; it’s really about trust,” he emphasizes. “By making financial transactions safer, we are protecting people’s livelihoods, businesses, and the integrity of the international banking system.”
With a record of delivering pathbreaking artificial intelligence solutions, Devendra Singh Parmar is leading the war against financial fraud. Not only did his work create safer financial institutions, but it set an entire new standard for AI-powered fraud prevention—one that will shape the banking future for decades to come.
