CE 2025 Annual Results Report web

DIGITAL HORIZONS:

UNLOCKING INNOVATION, INCLUSION AND COMPETITIVENESS

IDMAPS and EngAge S.P.A: Building AI-Driven Fraud Detection Across the EU and the Caribbean

As online banking and mobile wallet payments expand across the Caribbean and beyond, financial institutions are facing a fast growing challenge: digital fraud is becoming more frequent, more sophisticated, and harder to detect using traditional methods. Through the EU LAC Digital Accelerator ecosystem, Innovative Data Mining and Advanced Analytics Partners (IDMAPS), a Caribbean-based data analytics company, joined forces with EngAge S.P.A, an Italian firm specializing in compliance, data management, and system integration services for banks and financial intermediaries, to advance a cross regional solution concept. The challenge they are tackling Fraudsters move quickly, often faster than bank systems can adapt. As a result, financial institutions need tools that can: • spot suspicious transactions early, • reduce losses while keeping services smooth for legitimate customers, and • work within different regulatory environments across regions. IDMAPS and EngAge are collaborating on a proposal to develop a machine learning-based fraud detection system that can help identify and prevent fraud in online banking and digital payments across both the EU and the Latin America/Caribbean region. The concept focuses on:

• building a machine learning model that can detect fraudulent transactions with high accuracy, • enabling real-time monitoring to flag suspicious activity as it happens, • strengthening the security framework for digital banking platforms, and • ensuring the approach can adapt to different fraud patterns and regulations across regions. This collaboration is a clear example of what the EU-LAC Digital Accelerator is designed to enable: real partnerships between Caribbean and European innovators, built around real market needs and practical pathways to implementation. By connecting complementary expertise advanced analytics and AI capability on one side and banking compliance and integration expertise on the other the Accelerator helps turn strong ideas into solutions that can be tested, piloted, and scaled.

38 | CARIBBEAN EXPORT ANNUAL RESULTS REPORT 2025