Hui Wang has seen the nature of online fraud change a lot in the 11 years she’s been at PayPal. In fact, a continuous evolution of methods is kind of the nature of cybercrime. As the good guys catch onto one approach, the bad guys try to avoid detection by using another.
Banks are clamping down on their verification processes for the Apple Pay mobile-payment system after crooks started loading stolen credit-card data onto phones and then making fraudulent purchases. Some of that stolen card information has been tracked back to accounts that were compromised in Target’s big data breach at the end of 2013 and the Home Depot hacking last year.
No matter what you call it — “cognitive computing,” “machine learning,” “cognitive analysis,” “smart machines” or even “intelligent automation” — AI is enjoying a renaissance now, not simply because of the promise it holds for the future but because of the impact it is having on businesses today.
In banking in particular, where data drives decision-making, reporting and customer communication, AI applications are already transforming the way business is getting done. The three areas where this impact is most recognizable are reporting, advising and alerting.