AI and Cybersecurity Team Up to Save Your Money

Written by Monica Savaglia
Posted August 16, 2018 at 5:10PM

In this day and age, we're a little too trusting of handing our information over to people, companies, and websites.

Even before the internet and apps, we were sharing our information without thinking twice about it. For example, signing up for a bank account...

I first signed up for my very own checking account when I was 16. I remember how excited I was to have my own debit card and write checks! For a 16-year-old, it was a level of responsibility that I so desperately wanted. But I didn’t think twice about my personal information and money being in the hands of the bank.

It wasn’t until I was in college and got a letter in the mail from my bank that I started to think about my personal security. The letter said my card might have been compromised

But how could my card be compromised? Wasn’t the point of keeping my money in the bank to keep it safe? I didn’t have a problem with my card being compromised for a while, so I started to feel safe again. Better yet, I felt like my money was safe again.

But a few years ago, I started to get more of those letters in the mail from my bank. That's when I decided that there needs to be more security to protect our personal information and money...

A Call for Cybersecurity

Cybersecurity has become a huge concern over the past few years. Everything is online. If you really tried, you could find anything on the internet. It’s kind of amazing and kind of scary at the same time. Scary because you could one day be a hacker’s target — of someone wanting to steal your information or hack your bank account.

This past week, the FBI warned financial institutions of the possibility of cyber criminals executing hacks. These hacks would siphon an unlimited amount of money from ATMs around the world.

The FBI mentioned in a confidential alert last Friday that the “ATM cash-out” scheme or “unlimited operation” is likely to occur in the near future.

According to cybersecurity journalist Brian Krebs:

The FBI has obtained unspecified reporting indicating cyber criminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach...

In this scheme, hackers would obtain users’ information through either a phishing attack using emails or phone calls from a reputable or familiar source. And if a person were to click the link in the email or tell someone over the phone answers to security questions, their information could be compromised.

Once the hackers have your personal information, they’ll “clone” your debit card information. They'll do this through hardware that duplicates your bank information onto another card that can be used at ATMs. And because there's a limit on how much money you can withdraw at an ATM, the hackers will also break into the system that processes payments. And they'll trick it into not recording what's been taken out from that account.

It's an elaborate scheme, but it's a scheme that could very well happen at any given moment. It’s scary to think that you have no control over and essentially no security for your personal information. And neither do the banks!

You'd think we'd have more cybersecurity in place to ensure people’s money stays intact. Well, as more and more of these type of threats pop up, banks and businesses have been taking great precautions to prevent data breaches and hackers from compromising their livelihood and the trust consumers have in them...

AI and Cybersecurity Team Up

Developments in artificial intelligence (AI) are providing the cybersecurity field with smarter autonomous security systems. AI algorithms are great at identifying outliers from normal patterns. If something is out of the ordinary, the likelihood of AI being able to detect that outlier is high.

AI can be trained to recognize abnormalities that could be attacks and to send alerts when those abnormalities arise. The technology can also use supervised algorithms to detect threats that it's been trained to recognize. Based on its training, the technology would be able to figure out if a new piece of code is malware or not.

This technology will be a breakthrough for the cybersecurity industry. There's a high demand for cybersecurity. And that demand will continue to increase as more devices and technology rely on being online and on networks. AI will have the ability to learn and detect threats before they’re too detrimental to a person’s sensitive information. The need for cybersecurity will help fuel the AI revolution.

Until next time,

Monica Savaglia Signature Park Avenue Digest

Monica Savaglia
Editorial Director, Park Avenue Digest

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