Technology brought about innovations in a large number of industries or sectors. The banking industry is no different. It experienced an ample amount of positive changes as well. Well for the workers, maybe not that much but for the consumers, banking is easier than ever before. Employees would not like this change because the banks will most probably not have a physical presence in the near future. Thanks to services like AT&T Service. These have made it easy for everyone to carry out transactions etc. without having to visit the bank.
Online banking is more popular than ever. Apart from that, technology influenced the banking industry in the following ways:
1. Online Banking
Online banking has made it so easy for you to carry out almost all the functions while you sit comfortably in your house. Before the introduction of online banking, banking did not exist in the virtual world. People always went to the town or a nearby branch of their banks to withdraw money, sort out their finances or transfer funds from one place to the other. They had to travel for everything related to the bank that they wished to do.
In fact, when online banking was introduced, many people had reservations about it. You can label them as trust issues. But yeah, people were reluctant to carry out online transactions. However, now it is so common, that individuals cannot think of their lives without it. Ask this question from yourself. What would you do if you want to transfer money to your friend’s account? Would you rather visit a bank or visit your online account? The latter, most probably. It is that easy these days.
2. Fraud Detection
With the ease of banking came easy fraud detection. Before the introduction of technology in the banking industry, the detection of fraud used to depend on man and machines both. There used to be a whole tedious process where the employees along with the machines would track evidence regarding the fraud. Now it is easier than before to identify a fraudulent transaction or activity. All thanks to AI.
It is progressing at a faster pace than anyone would imagine. In fact, it is progressing beyond the capacity of the people designing it. To an extent that AI is now able to detect fraud. The machine is capable of tracking the whole history of the victim. It will then detect the fraud based on the previous patterns of transactions etc. The machines do it as a much faster pace than humans. Hence, making it easy to punish the criminal.
3. Biometric Security
Biometric security is a blessing to the banking industry. Although the criminal minds find ways to cheat these systems as well. But a face scan or a fingerprint scan offer you more security than mere signatures. In fact, no one now prefers a manual process of identification in banks. A customer is more comfortable with taking a selfie and posting it for use as his ID credentials, according to some researches. And banks that do not offer features like biometric security are more likely to suffer. As people would not prefer them.
However, the banks also need to be aware of the security risks that can come as part of the biometric security system. A recent example of tricking a biometric system includes BBC’s attempt to fool HSBC’s voice system. To their surprise, the system was not sensitive enough to distinguish one twin’s voice from the other. The bank then agreed to take measures to improve the sensitivity of its system.
4. Voice Assistants
Banks are now making use of voice assistants as well to guide you through or answer any queries that you may have. Just like Amazon’s Alexa, the voice assistant also has the ability to respond to what you say. In fact, they are so good that you won’t be able to distinguish an AI robot from a real human being. Do not underestimate the voice assistants’ capabilities, as they will leave you shocked. Some banks are even training the voice assistants to narrate to you your previous day’s transactions.
However, banks are not the only places that are making use of such voice assistants. If you happen to call AT&T Customer service, for example, you might not have noticed, but many times the voice assistants answer you. So, it is becoming the norm now. Technology is bringing about positive changes in almost all industries. Lucky to be alive in this dynamic era.
AI in Cybersecurity: Threats and Solutions
The advent of AI has brought plenty of opportunities for fighting cybercrime. Various AI automation solutions help industry experts and business owners detect malware and protect their systems against it.
White hat hackers are also using machine learning, which is a subset of AI, to identify security vulnerabilities, and develop proper fixes.
However, artificial intelligence has also made cybercriminals’ lives easier. When they want to attack a vulnerable system, they can use AI and machine learning to find an easy way in.
So, as much as AI can combat cybercrime, it can also be a part of it. Take a look at how criminals are using AI for malicious purposes, and what you can do to prevent AI cyber attacks.
1. Why AI May Be the Next Big Thing in Cybersecurity?
Cybersecurity is still a very constrained environment. When you add artificial intelligence to the equation, you can see that there are not too many experts who can prevent AI cyberattacks.
This is one of the reasons why AI cybercrime is on the rise. The other reasons include low costs, little effort, greater rewards, and the speed of attack that AI enables.
With an AI-automated solution, hackers don’t need to try and gain access to various systems and data manually. They can let the AI-powered software do the job on its own. This saves them time, effort, and money, and yields much better rewards.
That is why AI cybercrime is growing at a very swift pace, and we’ll certainly witness a lot more attacks in the coming years. If proper security measures don’t take place soon, that is.
2. How Exactly Is AI Helping Cybercriminals?
Hackers can use predictive AI models to analyze huge data sets in a matter of seconds. This way, they find the best targets according to their wealth and online behavior. They can find the best sources for improving their chances for the maximum payout.
AI-driven tools that use machine learning can also help them create compelling phishing emails and AI-powered malware, together with malicious websites.
It’s generally difficult for cybercriminals to enact an email phishing campaign. This is because they need to invest a lot of effort to create innocent-looking emails that people would want to click on. Also, they need to spend weeks researching and waiting for a perfect moment to carry out their attack.
With AI up their sleeve, they can profile their victims without any effort. They no longer need to engage with people on social media, or other platforms, to pose as a legitimate person or a company.
They can just use chatbots. These are capable of interacting in real time with hundreds of users simultaneously. And modern chatbots can perfectly mimic a real person’s writing style. Furthermore, they can interact with users in different languages, which is yet another reason why AI phishing attacks are on the rise.
Perhaps the most alarming thing about AI is that it can mimic voice. It can create voice recordings that are quite realistic by sifting through existing data. This sounds like something from a sci-fi movie. But it’s very real, and might become the next phishing innovation. It definitely calls for some proper defense strategies.
3. What Can You Do to Evade AI Cybersecurity Threats?
Quite logically, you should use AI solutions to predict threats and detect malware. You should also use machine learning to monitor your systems and analyze human behavior. This way, you will be able to detect any suspicious activity.
It’s also essential to keep up with the AI trends and new applications of this technology. You need to know what you’re dealing with to predict nefarious activities.
You should also use a VPN, as it will hide your IP address, encrypt your connection, and hide your entire online activity, making you completely anonymous online both on your computer and mobile. That way, hackers won’t ever be able to target you.
Everyone in the industry should follow these tips and work together to come up with the best defense strategies. Experts, policymakers, and academic researchers should all collaborate to monitor AI development and come up with solutions for preventing AI cybercrime.
Most importantly, they should all raise the awareness of AI cybersecurity threats. This way, people will know what to look out for and how to protect themselves.