CBA want to use AI to tackle fraud and cyber attacks
Commonwealth Bank of Australia is developing artificial intelligence technology to help with cyber security, fraud detection and regulatory compliance, in a sign banks are attempting to put the power of big data to use in reducing risk.
CBA’s chief information officer David Whiteing told The Australian Financial Review that so-called machine learning technology will be used to help the bank make sense of large sets of “noisy” data and alert management to areas requiring their attention.
The work will come alongside a broader program of innovative projects investigating the possibilities of technologies such as the internet of things, quantum computing and the blockchain.
“When you have a large data set and people can’t see the signal for the noise, machine learning capability will sift out and provide you with the top five things that are worthy of further investigation,” Mr Whiteing said.
“While these projects are experimental, with machine learning, we are solving real bank problems: fraud detection and cyber security.”
Artificial intelligence (AI) technology has accelerated dramatically in recent years, after it was realised that graphical processing units (GPUs) from video games could also process deep-learning algorithms, allowing computers to crunch vast amounts of data at speed in order to self-learn.
Futuristic applications
Technology giants including Google, Intel, Microsoft and IBM are all vying to be at the vanguard of the trend from a business perspective, and innovative smaller players like Brainchip are impressing investors on the ASX with futuristic applications.
“You could start using it around financial crimes and counter-terrorism regulations,” Mr Whiteing said.
“There is a whole bunch of things you can get into … We are developing a lot, and have good capabilities _ [although] not enough, and not to scale – but those are the types of problems we are putting it towards.”
CBA, whose Colonial First State wealth arm is also using AI to analyse investment data, is not the only bank studying artificial intelligence.
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Source: CBA want to use AI to tackle fraud and cyber attacks | Business Insider
