“‘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.”