In this Analyst Opinion, Omdia outlines the “dark” side of AI and how banks are utilizing the technology to counter the evolving threat from fraudsters, criminals, and scam artists. 


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Summary

The proliferation of artificial intelligence (AI) has afforded banks a multitude of benefits through its automation capabilities, such as efficiency gains, cost savings, and a boost for product innovation and development. However, with any new technology there is an alternative shadow world, where fraudsters, criminals, and scam artists look to utilize AI to exploit the technology for financial gain.

Security is the biggest concern for banks as AI evolves

Financial institutions (FIs) have been experimenting with AI for a while. According to Omdia’s IT Enterprise Insights: AI – 2024, 93% of the financial services (FS) industry wishes to adopt AI in some form, and more than half the respondents have implemented or are implementing AI within their organization. There is a lot of excitement around the use cases, for example, using AI-powered tools, FIs can transform their automation capabilities across fraud detection, sanction screening, credit assessments, customer service, and many other growing use cases.

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