Tag: AI Security

Banking Circle CIO: ‘AI can spot red flags that humans never could’

~ Brandon McGee ~ Leave a comment
  • “Utilising AI and machine learning will influence an array of factors, from how we onboard clients to enhancing transaction monitoring. Though the fintech industry received record high investment levels last year, simultaneously 2021 was the year anti-money laundering fines rocketed.
  • With this in mind, I urge governments and regulators alike to prioritise digital transformations and adopt AI and machine learning to prevent fraudulent activity slipping through the cracks. These technologies will pave the way for disrupting the security landscape for good in the fight against financial crime.
  • What’s exciting about AI and machine learning is they can spot red flags which we as humans never could, greatly reducing the margin of error. With these tools, Banking Circle’s platform ensures vigilant security measures and insights when it comes to transaction monitoring.”

https://www.siliconrepublic.com/enterprise/banking-circle-cio-ai-fintech

AI in Banking – How Artificial Intelligence is Used in Banks

~ Brandon McGee ~ Leave a comment
  • “Artificial intelligence (AI) technology has become a critical disruptor in almost every industry and banking is no exception. The introduction of AI in banking apps and services has made the sector more customer-centric and technologically relevant.
  • JPMorgan Chase: Researchers at JPMorgan Chase have developed an early warning system using AI and deep learning techniques to detect malware, Trojans, and phishing campaigns.
  • Capital One: Capital One’s Eno, the intelligent virtual assistant, is the best example of AI in personal banking. Besides Eno, Capital One is also using virtual card numbers to prevent credit card fraud.
  • A report by Business Insider suggests that nearly 80% of banks are aware of the potential benefits that AI presents to their sector. Another report suggests that by 2023, banks are projected to save $447 billion by using AI apps.”

https://appinventiv.com/blog/ai-in-banking/amp/

Survey of Fintech and Banking Executives Reveals Identity Authentication Risk and Customer Dissatisfaction Top List of Concerns

~ Brandon McGee ~ Leave a comment

“Identity authentication is most often conducted with one-time passwords (36%) or a combination of OTP and KBA questions (29%).

While respondents’ familiarity with facial biometric identity authentication is high (88%), less than one-quarter (22%) currently use this technology.

More than two-thirds (70%) of respondents are either “highly likely” or “somewhat likely” to consider facial biometric identity authentication as an alternative to OTP/KBA questions during the next year.”

https://finance.yahoo.com/news/survey-fintech-banking-executives-reveals-120000969.html

Amazon unveils ‘science fiction’ robot that can patrol homes

~ Brandon McGee ~ Leave a comment

“Amazon is launching Astro, its first household robot, powered by its Alexa smart home technology. The company said it can be remote-controlled when not at home, to check on pets, people, or home security. It can also patrol a home automatically and send owners a notification if it detects something unusual.”

https://www.google.com/amp/s/www.bbc.com/news/technology-58727057.amp

Here’s why AI transforming banking matters more today

~ Brandon McGee ~ Leave a comment
  • “The technology’s versatility is such that an OpenText survey found that nearly 80% of banks already recognize the benefits of AI. 75% of financial institutes already make use of this technology, and a further 46% plan to implement AI-based systems soon.
  • Bank mobile apps can now incorporate AI-driven virtual assistants like Siri, using their voice and Touch ID to seamlessly perform transactions.
  • Banks generate tremendous amounts of data based on millions of transactions that are performed every day, but the vast volume would make informed analysis an overwhelming task for human employees.”

Here’s why AI transforming banking matters more today