“One of the biggest concerns is that hackers can use AI to automate cyberattacks on a massive scale. Within this year alone, there have been over 2,000 unique vulnerabilities reported. Another promising enhancement of security by AI comes from its behavioral analytics ability.” https://www.google.com/amp/s/www.entrepreneur.com/amphtml/339509
Tag: fraud
Wells Fargo: Artificial intelligence and machine learning a ‘double-edged sword’
http://linkedin.com/in/mike-telang-705b263 “‘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…
Visa Debuts AI-Powered Fraud Fighting Tools
“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.” https://www.google.com/amp/s/www.pymnts.com/news/security-and-risk/2019/visa-debuts-ai-powered-fraud-fighting-tools/amp/
AI for Cybersecurity in Banking – Where Banks Are Investing Today
“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.” https://emerj.com/ai-sector-overviews/ai-cybersecurity-in-banking/
Razorpay swoops on AI-based fraud prevention firm Thirdwatch
“Razorpay CEO Harshil Mathur called the deal a “perfect fit” and believes that it will result in a 30-40% decrease in fraud level by next year.” https://www.verdict.co.uk/electronic-payments-international/news/razorpay-swoops-on-ai-based-fraud-prevention-firm-thirdwatch/ ThirdWatch – https://www.thirdwatch.ai