How Wells Fargo Uses AI, Biometrics To Fight Money Laundering

“’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.”

https://www.google.com/amp/s/www.pymnts.com/news/digital-banking/2019/wells-fargo-aml-biometrics-ai/amp/

AI Advancements Are Making It Easier to Hack Biometric Systems

  • “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?”

https://interestingengineering.com/ai-advancements-are-making-it-easier-to-hack-biometric-systems

DataVisor CEO, an AI expert, to Address Stanford University’s Global Women in Data Science Conference on the Use of Machine Learning to Combat Online Fraud

  • “DataVisor was founded with an ambitious vision, by Xie and co-founder Fang Yu, DataVisor CTO. The company’s mission is to stop fraudsters in their tracks and to restore online trust with the help of big data and machine learning.
  • Xie will present DataVisor’s quarterly Fraud Index Report, which takes a deep dive into the current cyber fraud landscape, based on sample data gathered by the company’s Global Intelligence Network from 44-plus billion events that took place across 800-plus million active user accounts in Q4 of 2018.”

https://www.apnews.com/Business%20Wire/09b9766baa224a17a7e6e85508c20263

From virtual assistants to anti-money laundering tech, AI is transforming banking

“PelicanSecure brings together tools that use natural language processing and machine learning to analyse patterns of behaviour to flag up “subtle anomalies” pointing to instances of fraud.

Factors like user location, spending patterns and unusual device configuration are all integrated into Pelican’s detection system.

Describing the role AI has to play in turning the tide against scammers, CEO Parth Desai says: “Traditional fraud detection methods are reactive in nature, meaning if a fraudster came up with a new idea to defraud an organization, the existing rules will fail to prevent it.

“AI, on the other hand, predicts those behaviours and protects against trending and future fraud typologies.

“AI, including machine learning, is unquestionably the future of fraud detection. Financial institutions are shifting towards AI gradually.

‘We believe the industry is still in the launching phase of this technology and that there is a lot more to explore over the course of the coming few years.'”

https://www.compelo.com/banking/analysis/ai-banking/

AI Changing The Face Of Digital Advertising

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  • “With an increased digital consumption the world is creating massive amounts of data on a daily basis. According to Domo’s Data Never Sleeps 5.0 report, there are 2.5 quintillion bytes (1 million terabytes) of data created each day! And it is estimated that a staggering 1.7MB of data will be created every second for every person on earth by 2020.
  • Ad fraud is so rampant that nearly 30% of the ad budget lay waste owing to such fraudulent activities. Seemingly impossible for humans, AI can keep an eye on the bots in real time to find fraudulent patterns.
  • The changes that AI has brought and will bring in digital marketing are huge. The AI market in digital marketing is set to grow at a compounded annual growth rate of around 30% globally to reach USD 40.09 billion by 2025, according to estimates by Markets&Markets. This growth will be fuelled by Asian giants such as China, India, Japan, and South Korea.”

https://www.google.com/amp/businessworld.in/amp/article/AI-Changing-The-Face-Of-Digital-Advertising/27-01-2019-166439