“Unfortunately, FIs are often caught between balancing more stringent security tools and offering the seamless experiences consumers crave. Modern customers are much more likely to grow frustrated by lengthy processes and switch to other banks, after all.
As such, FIs must seek more innovative authentication procedures that take less time and draw less ire than weak password and PIN systems.”
“’The fact that [customers are] connected to the internet of things opens the door to the broader spectrum of payment activity. That allows us to do is to build deeper profiles, [which AI can use] to better predict if [a transaction] is something [the customer] would do,’ Monroe said.
This influx of new data means banks must look beyond authenticating login credentials. Users’ payment histories, how they hold their phones and type in their passwords, as well as other factors should be considered during the authentication process.”
“Though the methods above are tricky for a hacker to complete, artificial intelligence could end up making the process of stealing your identity much easier. Researchers at New York University have created a tool that can generate fake fingerprints to unlock mobile devices.
Even more so, researchers have demonstrated how deep artificial neural networks can be trained over time to recreate faces, or just create faces in general. What is stopping someone from using these same tools to access your world?”