(Data Scientist | Machine Learning | Risk Management | Fraud Risk) for achieving AI and Data Science Leader of The Year – Financial Technology (USA)

Awarded by Bizox Media Network as Global Technology Leaders Awards 2024

Transforming Banking Security: Gaurav Anand Takes Charge of the Industry’s Most Advanced Fraud Detection Systems

An exclusive conversation with USA’s Head of Fraud Strategy at Goldman Sachs, Gaurav Anand, a close-up of his crucial contribution to the transformation of banking security.

About Gaurav Anand

Gaurav Anand is a Vice President at Goldman Sachs in Dallas, Texas, where he heads the Fraud Risk Strategy for the Asset and Wealth Management department. He has over 15 years of professional experience in technology and finance. He holds an engineering degree from the prestigious Indian Institute of Technology (IIT Delhi, India). In his professional life, Gaurav has overcome several business obstacles and won multiple awards, earning his reputation as a pioneer in the domains of Data Science and Machine Learning (ML). Currently, Gaurav is leading a large team of data scientists for Goldman Sachs both in the USA and India. He plays a crucial role in the implementation of critical projects, which ensures progress in the concept of fraud risk strategy. His tenure at American Express further highlights his expertise and leadership in this vital domain. Beyond his industry leading work at Goldman, Gaurav is an influential member of the International Association of Financial Crimes Investigators (IAFCI) and the Institute of Electrical and Electronics Engineers (IEEE). In this way, he performs a significant function in determining the further development of these critical organizations. Gaurav has established himself as a visionary and an innovator in data science, AI, and machine learning, particularly in fighting financial crime.

Achievements and Contributions

Leadership and Innovation:

• Current Role: Gaurav works as Head of the Fraud Strategy department at Goldman Sachs.
• Professional Background: With over 15 years of management experience in the financial and IT industries, Gaurav has held positions at ICICI Prudential, American Express, and now Goldman Sachs.

Professional Memberships and Contributions:

• IAFCI and IEEE: Gaurav is part of presitigious organizations such as IAFCI and IEEE, playing an important role in strategy formulation and future planning.

Recognition and Awards:

• Multiple Accolades: Gaurav has won many awards for his out-of-the-box business solutions.
• Community Contributions: He is committed to providing equal education and employment chances to disadvantaged youth.

It has been established that through his work, he is significantly revolutionizing the banking industry in the aspect of fraud management

Q&A with Gaurav Anand

Welcome Gaurav. We are excited to discuss your contribution to the banking industry. Could you start by telling us what your key roles and responsibilities are and how they help the banking industry?

Gaurav Anand:  It is my pleasure to be here today. Currently, I work as the Head of Fraud Strategy at Goldman Sachs in Texas within Assets & Wealth Management division. My team works in Texas in the US and Bengaluru in India. Our prime objective is to design and implement state-of-the-art fraud strategy tactics for Goldman’s Savings and Invest products. Both os these services of Goldman’s consumer banking division oversees over $100 billion in assets.

In general, our fraud solutions are created to give a protected banking service to our customers. Thus, by applying high levels of antifraud and anti-money-laundering measures, we ensure the safe transfer of money between banks on behalf of our clients. It also improves the general security of their transactions, thus instilling confidence in the banking services we offer.

Could you please tell us a little about how you entered into this industry and what keeps you motivated?

Gaurav Anand:

Since childhood, I have been fond of mathematics and used to participate in different state-level Mathematics Olympiads. My love for numbers led me to the Indian Institute of Technology, Delhi, India, to complete my engineering.

During college, I discovered the power data science possesses; it relies heavily on mathematical principles and has the potential to improve lives significantly.

Upon Graduation, I worked with the risk and data science servicing teams of ICICI Prudential and American Express Company, and now at Goldman Sachs. The Banking Industry has always been close to my heart. And I believe that access to banking and financial services is not only crucial but also a fundamental right.

What keeps me motivated is the profound influence banking has on an individual’s life. I want to carry on with the innovative work and disrupt the industry that would make individuals’ banking experiences even better and more accessible.

Can you explain how machine learning and AI could help identify fraud risk in the banking industry?

Gaurav Anand:

We are moving towards a cashless society, and both the number of online transactions and the number of Fraudsters are rapidly increasing. Banks are among the largest industries in the world, attracting people with ill intentions.

These fraudsters are constantly evolving. They keep coming up with new tactics and ways through which they can deceive people and get their money. The emergence of such attacks poses strict tests to many financial institutions because these are very complex to identify.

This is where AI and machine learning become invaluable. These technologies can analyze large datasets and identify out-of-pattern activities. They are highly adaptive, especially to new trends and methods of fraud. These advanced technologies have become available to all layers of financial institutions because of the progressions in computational capability.

This way, with the help of modern machine learning and AI technologies we can always be one step ahead of the fraudsters and provide the best protection in the banking sectors for the consumers.

Could you also talk about the advancement in biometric authentication and how your platform implements this technology?

Gaurav Anand:

There has been much progress in the use of phone-based biometric authentication. Financial institutions have been able to implement this technology for several customer-initiated actions, including login and password changes.

We specialize in multi-layered biometric authentication systems. We provide our valued customers with several ways to authenticate themselves.

Our back-end system makes rigorous checks on the authenticity of such biometric signals to ensure they are not mimicked by bots or any negative influences. All the biometric authentications are encrypted and retained to maintain user privacy.

Blockchain technology is often mentioned in the context of security. Do you see this to be leveraged in the banking industry?

Gaurav Anand:

Blockchain provides a decentralized tamper-proof ledger where transactions can be recorded. This makes sure that critical data element cannot be manipulated without coming to the notice of the management.

It is essential to understand that the banking industry is very tightly regulated, and existing regulations will take time to accommodate blockchain in authentication and authorization operations.

I think there will be a tone of future potential coming from the use of blockchain technology, provided we use it appropriately. It will be essential for improving security and transparency in the financial industry. It is a transformative technology.

How do you see the future of risk management in the banking industry?

Gaurav Anand:

In my view, risk management will gradually grow more sophisticated with time. Recently, every other large-scale bank has started leveraging advanced modes of machine learning for risk management. However, this is just the beginning, because now the possibilities are limited only by available algorithms and capabilities.

Today’s technologies are enabling the deployment of self-learning models, capable of adapting to new threats without human intervention. In the future, at their optimal best, people will just be required to supervise these models.

By the next decade, I expect that self-learning models will become more prominent in the central banks to help better address risk management capabilities. 

Are there any challenges you’ve faced in developing and implementing AI-based fraud risk strategies at Goldman and American Express?

Gaurav Anand:

One of the most significant challenges is staying ahead of the fraudsters. With time, fraudsters have started using  VPN and proxy servers, making it look as if customers are logging in from home.

This makes the process of separating good signals from bad ones extremely hard, and it affects all the parties involved.

Substantial resources are spent on purchasing data and services from external vendors to further enhace the ability to distinguish between actions initiated by customers and fraudsters. This is a constantly evolving area, and that requires attention and investment to a greater extent.

What’s next for you? Any upcoming developments we should look out for?

Gaurav Anand:

I am incredibly interested in this field and I plan to keep on advancing in this business. I am pretty lucky to have been able to work at places like American Express and Goldman Sachs. Over a course of last 15 years, I have learnt a lot about artificial intelligence, machine learning, risk management, leadership etc. In the future, I intend to continue progressing on this learning trajectory. I am firmly committed to leverage artificial intelligence and machine learning based technologies for the betterment of human lives. Apart from this, I also plan to leverage social media such as Twitter and LinkedIn to share knowledge with the new comers in the given field.

Gaurav, we discussed your impressive work in revolutionizing banking security. Now, we would love to hear more about your aspirations. What drives you beyond your professional achievements?

Gaurav Anand: Thank you for the opportunity to share. Beyond my professional goals, I’m very passionate about contributing back to the community and encouraging innovation in various fields. I believe in the power of education and mentorship, and I aspire to participate in projects focused on giving opportunities to young minds and giving them a chance to get a good education and become world class data scientists.

I firmly believe that education is the most important tool available for changing the world, as stated by Nelson Mandela.

Mr. Gaurav Anand : http://linkedin.com/in/gaurav-anand-datascience