“‘I think almost all large banks are being asked now by regulators to go back and identify any ML/AI solution that’s brought into the bank because the implication of that is, if the wrong algorithm is being used, you are going to decline credit or you’re going to have impact to the customers.’
‘A lot of the companies have survived either by acquiring them or by re-emerging differently. I think banks have to do that. I think it’s a matter of time,’ Telang said.”
“The Visa Account Attack Intelligence feature uses deep learning to process card-not-present transactions to pinpoint when hackers are trying to guess numbers, expiration dates or security codes through automated programs.
Another security feature introduced is Visa eCommerce Threat Disruption, which scans eCommerce websites for malicious payment data skimming software.”
“The Global Banking and Finance Review claims that cyberattacks have cost nearly $360 billion per year in losses every year or the past three years. In recent years, global ransomware attacks, such as WannaCry, have put financial institutions on edge, and many banks are now investing in artificial intelligence to combat hackers.”