The financial sector has been at the receiving end of numerous frauds and according to a report released recently by McAfee, frauds in the financial sector all over the world has resulted in a global economic loss of about $600bn. But as the technology landscape changes, banks are rapidly transforming and adapting new ways to counter threats and frauds. Big Data also plays an important role in providing banks with deep insights into a customer's data and behavior patterns. When we talk about mitigation of financial risk, new solutions which are AI enabled and new advanced financial models will help banks identify fund flow analytics in real time and discover fraudulent transactions which can be stopped the moment they are discovered.