AI and Machine Learning Algorithms are Increasingly being Used to Identify Fraudulent Transactions, Cybersecurity Professional Explains

The retail banking sector has been hit with numerous scams during the past few years. Cybercriminals are now also beginning to increasingly go after much larger corporate accounts by launching sophisticated malware and phishing attacks, according to Beate Zwijnenberg, chief information security officer at ING Group. Zwijnenberg recommends using advanced AI defense systems to identify potentially fraudulent transactions which may not be immediately recognizable by human analysts. Financial institutions across the globe have been spending a lot of money to deal with serious cybersecurity threats. They've been using static, rules-based verification processes to identify suspicious activity.