A naukri.com initiative
Global Fintech Series
4w
368
Image Credit: Global Fintech Series
Catching the New Wave of AI-Driven Fraudsters with Data Science
- AI in the financial industry is both driving innovation and introducing new risks, with almost half of fraud attempts fueled by AI.
- Global financial losses are predicted to reach $400 billion over the next decade due to AI-driven cyberattacks.
- Threats like synthetic identities, flash loan attacks in DeFi, and vulnerabilities in blockchain and smart contracts are on the rise.
- Financial institutions must proactively address these challenges using AI-driven tools and strategies.
- Predictive AI solutions help anticipate cybercriminal tactics and strengthen defenses before attacks occur.
- Real-time anomaly detection and analysis of transaction data empower financial institutions to prevent fraudulent activities instantly.
- Collaboration and training are essential to combat cyberattacks effectively, as technological innovation must be coupled with human intervention.
- Industry-wide collaboration, balanced data sharing, and transparency in AI systems are crucial to enhance security strategies in financial organizations.
- Greater knowledge sharing and collaboration can fortify long-term security measures and boost industry awareness to combat financial cyberattacks.
- Compliance with global regulations and maintaining auditable pipelines are key solutions for financial institutions to ensure transparency in their AI tools.
Read Full Article
22 Likes
For uninterrupted reading, download the app