Many people thought that AI can only help them write, create content, and organize information. However, the tech can do more than that. They can help protect your wallet.
Read More ...
AI is being utilized by banks nationwide to help detect potentially fraudulent transactions. Experts have said the technology’s capacity for pattern recognition makes it ideal for spotting unusual activity.
"Banks have done this for some time with human resources. They get alerts, they have to look at every single one. Many of them are normal, so that’s wasting valuable research," said Abrigo Compliance Director, Terri Luttrell. "Where an AI applied technique will say, 'okay, these are all normal. I can see this is the pattern. No human intervention is needed.'"
Luttrell said for more complex issues, transactions can be flagged for further analysis. In these instances, she says the human eye for detail can be necessary. Experts have said AI is proving to be a valuable resource in combatting fraud efforts from scammers utilizing AI themselves. They said the financial landscape has become an arms race in terms of outmaneuvering AI-powered fraud attempts.
"There’s AI deepfakes where they will impersonate a family member and they will have some sort of crisis situation where you need to send money right away," said Fort Knox Bank Founder, Erik Beguin. "The scams run the gamut. They’re coming in via phone calls, via emails, every possible way."
While modern tech has been used in some instances to gain access to sensitive information, that same tech is being utilized to help keep consumers’ finances safe.