- “‘You have billions and, in some cases, trillions of transactions across global networks,’ Balkin said. “Finding a needle in a haystack, as it were, is done most effectively using the power of AI to look through massive data sets.”
- AI-generated fraud alerts that go directly to customers’ smartphones also put them on the front lines of helping their banks fight fraud.
- “The best person to determine whether there was a [fraudulent activity], for example, on a credit card, is the customer,” he said. “Technology like AI can deliver a superior customer experience and a safer customer experience by putting the power literally in the palm of customers’ hands.”
- This connection between AI systems and human beings can give banks the tools they need to keep their networks immune from fraudulent activity.”