BFSI sector target of cybercriminals in 2018 and how AI can overcome this
In the last couple of years, a particular trend has been witnessed around the world, where BFSI companies have been the targets of cybercriminals in most of the cases. The trend is expected to grow over the coming years because the criminals continue to find more innovative ways to steal money as well as identity.
Information security protocols that have been implemented in the BFSI sector prove to be inadequate for fighting against the threats, and the cyber-criminals keep coming up with more innovative methods of barging cyber security.
How AI is addressing the cyber crime in BFSI sector?
Artificial Intelligence has emerged as the primary preference to combat digital frauds for companies, especially in the BFSI sector. The applications of AI offer smarter solutions to the organizations that include hi-tech processes in their day-to-day functioning. BFSI sector is adopting the AI techniques at a faster pace in order to reduce frauds and overcome security risks.
There are various patterns through which AI helps prevent frauds in the BFSI sector, some of which are discussed below:
- Account Centric Frauds
It is acknowledged that the BFSI sector implements the concept of cloud computing widely and this makes the accounts more vulnerable to attacks. Earlier, the accounts included an individual firewall, making them safer in comparison with the common firewall of today.
Artificial Intelligence techniques apply sophisticated patterns in order to identify the individual. All the past patterns are taken into consideration in the form of an algorithm in order to ascertain an individual’s identity before giving access.
- Crypto currencies: A Potential Target
Crypto industry has already witnessed several frauds and digital thefts in the short span. The total amount lost through these fraudulent transactions stands in tunes of several million dollars. There are several ways in which AI is being implemented in order to prevent further thefts.
AI helps in proactive attack blocking by analyzing website and application traffic. It helps in identifying the potential threats and if these threats are irrelevant aggressive noises. Besides, AI also helps in identifying fraud within a particular transaction and identifies if something is awry.
Mobility: A Perennial Target
Ever since mobility was introduced as a feature in the BFSI sector to make transactions convenient, there is always a threat, which is looming over the security of the funds involved. AI strengthens the system security by applying protocols, which are sophisticated and ensure the identity of the correct individuals.
The AI chat bots take into consideration the digital behavior patterns of an individual and are very proactive in identifying anomalies. This ensures that fraudulent transactions are avoided and incidence such as phishing does not occur.
Despite the sophisticated techniques by which AI helps in preventing frauds, many companies still wonder if it is worthwhile to invest in the implementation of AI techniques. It is highly recommended for the BFSI sector because of the highly sophisticated techniques by which it ensures the safety of the funds of the customers. Also, it ensures that the BFSI organizations remain one step ahead of the cybercriminals.