When most people think of AI, the first thing that probably comes to mind does not promise superintending or agents to promote productivity, but scam.
We have always been deceitful among us, the small percentage of the population that will use any means available to get others out of their money. The proliferation of advanced and easily accessible generative AI devices in recent years has made such nefarious activity fast easier.
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In a memorable event from the beginning of last year, a finance employee of a firm based in Hong Kong gave a $ 25 million wire for the fraudsters, which was instructed to do so on a video call, which he considered as company officials, but was actually AI-borne deepch. And earlier this month, an unknown party used AI, who left for a handful of government officials, including a Congress member to mimic the voice of US Secretary Marco Rubio.
And yet, counterpart, AI is also being deployed by financial services companies prevent Danger.
In a recent survey conducted by MasterCard and Financial Times longitude (a marketing agency and a subsidiary of the Financial Times Group), 42% issuer and 26% aquareers said that the AI Tool has helped them to save more than $ 5 million with fraud attempts in the last two years.
In the financial sector, a issuer is a firm that offers debit or credit cards (think of chase or another major bank), while familiar is those who accept payment (think strip and square).
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Many of these organizations have started using AI tools to increase their digital safety with more traditional methods such as two-factor certification and end-to-end encryption. Report Among the findings of the survey published last month.
The respondents of the survey reported to use a variety of AI-managed techniques to promote their cyber security and to protect them from fraud. The most quoted technique was to detect the discrepancy – that is, an automatic alarm that flags off unusual requests. Other uses included scanning for weaknesses in cyber security systems, predictive threaters, “ethical hacking” (another form of discovery of system weaknesses), and employee dismissal.
The vast majority of the respondents (83%) also stated that “AI has reduced the time required for the customer churning, checking and resolve to significantly reduce the time required. More (90%) agreed that their” financial loss would increase until the AI was used for the prevention of fraud in the coming years.
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However, many obstacles are preventing financial services companies from adopting the preceding AI devices on a scale. The major of these are technical complications to integrate new AI systems with existing software and data that are already stationed within an organization. It is rapidly after concerns about the rapid speed on which the fraud strategy itself is developing, which will quickly defeat any attempt to use AI-managed fraud prevention.
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