AI-Driven Security in Banking: Boon or Bane

AI-Driven Security in Banking: Boon or Bane

연구 분야: Artificial Intelligence

학회: International Ethical Hacking Conference

“The science and engineering of making intelligent machines, especially intelligent computer programs, related to the similar task of using computers to understand human intelligence, but AI does not have to confine itself to methods that are biologically observable” (McCarthy in John McCarthy's Home Page. Stanford University, 2024)—definition of Artificial Intelligence as provided John McCarthy who is an important proponent to the field of artificial intelligence. AI technology was always meant to aid humans in achieving their goals more efficiently; has evolved and advanced in a heartbeat and now is facing a threat to job security in the modern world. Currently, AI holds an influence in not one field of an economy like Transportation, Communications, Service industry, Healthcare, Banking, and immeasurably more. This paper aims to cover the effect of AI in banking, the Ethical implications, and its role in preventing fraudulent acts in the financial field of banking. The impact of use of AI in banking industry. Including the challenges that AI has caused and the threats it poses to the financial sector. In this article, we explore the question around the impact of AI on banking operations focusing on core stars of credit risk analysis and assessment. This question also explores the possibility of AI in manipulating the data collected that can eat better credit risk predictions. Fraud prevention and risk management are considered paramount among the various important pillars of the modern financial panorama. AI is highly adaptable, it proves to be a formidable strength in detecting anomalies, and potential fraud transpiring before it takes place, ultimately fulfilling the gaping hole of inability left open by the traditional fraud detecting systems. DigitalOcean (Understanding AI fraud detection and prevention strategies, 2023) Fraud tactics evolve with time and technology, which can be predicted and ensured by the Self-learning and evolving system of AI. But, the organizations that are securing the services of AI should ensure the potential harm that such indulgence of AI may lead to. Hence, AI possesses the ability to act as a show of dominance and also as a potential hazard, the only way to employ it as a strength is by making a proper application of the system and the purpose behind the same.