Role of Artificial Intelligence in Combating Cyber Threats in Banking
Vishal Dineshkumar Soni · SSRN Electronic Journal · 2019
With the advances in information technology, various cyberspaces are used by criminals to enhance cybercrime. To mitigate this cybercrime and cyber threats, the bank and financial industry try to implement artificial intelligence. Various opportunities are provided by AI techniques, which help the banking sector to increase prosperity and growth. To maintain trust in artificial intelligence, it is important to maintain transparency and explain ability. Information about customer's behavior and interest is provided by artificial intelligence techniques. Robo-advice is an automated platform that is maintained by AI. Artificial Intelligence is also involved in protecting personal data. Proper design provided by AI towards the banking sector, by which they are able to identify fraud in transactions. AI directly linked with the domain of cyber security. Various kinds of cybercrimes are prevented and identified by AI-based fraud detection systems. However, implementation and maintenance of artificial intelligence consist of the high cost. Along with this unemployment rate is increased by AI techniques.