Bank bosses are generally among the most enthusiastic artificial intelligence evangelists in the corporate world. AI can not only cut costs, they claim, it can also improve customer service and even protect people from scammers and others who are up to no good.
Time will tell if AI lives up to all this hype. What has undoubtedly become clearer, however, is that in financial services, AI also has a more sinister side: it is extremely useful for people trying to cheat the system.
The latest example of this is AI-facilitated mortgage fraud. We learned last week there could be hundreds of millions of dollars in fraudulent loans held by…
Avoid using public Wi-Fi networks for banking or shopping, as these unencrypted “hotspots” allow criminals to intercept your traffic through “Man-in-the-Middle” attacks.