There are many potential use cases for artificial intelligence. According to Mastercard, AI can be a powerful tool to help banks mitigate cyber risks. Through its new suite of tools, breaches should become easier to prevent in the future.
Artificial Intelligence and Banking
Combining innovative technology with traditional finance is always a gamble. Especially when it comes to artificial intelligence, as that technology meets a lot of skepticism. Many people fear future AIs will be able to turn against the human race and potentially wipe us out. That concept has been food for many decent movies in recent years.
For Mastercard, however, the concept of artificial intelligence is very real. So much even that an entire AI-powered suite of tools has been designed to aid financial institutions. Through these new tools, banks should have an easier time fighting off cyber risks. All of this is made possible through RiskRecon, acquired by Mastercard earlier in 2020.
Leveraging both public and proprietary data sources is critical. Mastercard’s AI solution evaluates all data against several dozen security and infrastructure criteria. The artificial intelligence will analyze each vulnerability individually to produce a risk rating.
Even then, it is still up to individual banks to take the information to heart. An artificial intelligence can only do so much, after all. Taking action against possible cyber risks is not part of this suite. Nor should it be, as banks can easily spend a bit more on IT security instead of focusing on shareholders.
For Mastercard, this is an interesting venture. With trillions of dollars in cyber security concerns, the time for action is now. No one should underestimate the potential role of artificial intelligence in these matters. Gaining back consumer trust needs to be the number one priority for all financial institutions.
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