Launching of “Detection of bank cards misuse using artificial intelligence methods” Project

05/07/2022

Today’s meeting of the Governor of the Central Bank of Montenegro (CBCG), Radoje Žugić, and the Dean of the Electrical Engineering Faculty of the University of Montenegro, Prof. D. Saša Mujović, officially launched the project “Detection of bank cards misuse using artificial intelligence methods”.

It is a project that will develop an approach for detecting misuse in bank card transactions based on artificial intelligence techniques. The practical application of the approach in the existing payment service providers’ systems and the future instant payment system will reduce the risk of bank card misuse and increase their users’ protection.

Governor Žugić pointed out that the project’s objective and cooperation with the Faculty of Electrical Engineering are multiple. “First, we want to contribute to the safer and more efficient functioning of payment systems in Montenegro, support preventing money laundering and terrorist financing, and develop domestic expertise in financial technologies. At the same time, we want to give an incentive to scientific and research work and the practical knowledge development to solve specific problems in the economy, especially in the real sector,” the Governor pointed out.

The Dean of the Faculty of Electrical Engineering, Saša Mujović, expressed satisfaction with future cooperation, emphasising that the CBCG is “an extremely modern institution that follows modern trends and recognises the importance of science for the prosperity of the entire society.”

The project is planned to last for two years, after which the developed approach for detecting card transaction abuses will be made available to all interested stakeholders.