Fraud prevention & security
Fake it till you make it?
While opportunities abound for leveraging artifi cial intelligence (AI) and machine learning (ML) tools to improve effi ciency, customer service and profi tability across fi nance, banks equally face threats from cybercriminals – who can exploit those same tools to generate convincing scams and cheat unsuspecting customers. But with increasingly sophisticated AI-assisted fraudsters making an appearance, banks are now fi ghting fi re with fi re, deploying their own AI and ML defences. Tallha Abdulrazaq investigates, exploring how AI and ML can both help and hinder fi nancial institutions battling to protect their customers from fraud.
achines – thankfully still under human direction – are getting better and better at pretending to be human. And while some increased human-like interaction can improve the way we interact with our computers, that same mirage of plausible human-to-human interfacing can equally lead to digital creations that are so convincing they persuade hapless victims to part with their private information – and sometimes even their hard-earned cash.
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While we haven’t quite reached the stage of machines walking unseen among us as though they were human – think of the ‘replicants’ of Blade Runner fame – crafty cybercriminals have been able to exploit generative AI, and powerful digital multimedia tools, to fool banking customers into not only thinking they are legitimate representatives of their bank, but even, in some cases, that the fraudsters are actually high-ranking c-suite executives.
Future Banking /
www.nsbanking.com
MDV Edwards/
Shutterstock.com
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