Artificial Intelligence in combating cyber threats in Banking and Financial services

Abstract

Artificial intelligence (AI) is a powerful technology that can enhance the banking and financial sector by providing various opportunities, such as robo-advice, personal data protection, fraud detection, and customer behavior analysis. However, AI also poses some challenges, such as high cost, unemployment, cybercrime, and lack of transparency and explainability. This paper discusses the benefits and drawbacks of AI in the context of cyber security and cybercrime prevention. It also suggests some ways to overcome the limitations and risks of AI, such as ethical design, regulation, education, and human oversight. The paper aims to provide a comprehensive overview of the current and future applications of AI in the banking and financial industry, as well as the potential threats and solutions.