Artificial Intelligence
Aug 02, 2023
Throughout my career, there have been several major developments that impact financial institutions. One was the discovery of Identity Theft, followed by the government placing a major focus on Money Laundering, not even mentioning the Patriot Act or the focus on the Bank Secrecy Act. Now we have another major wave that will in one way or another affect everyone reading this material. While this biggest change was a slow progression, it was recognized as early as the 1960s or 70s. Until the latest work on Artificial Intelligence (AI) was released last November, most people only thought of it as science fiction. But today the technology is replacing people in many industries. For the low cost of $20.00/month, you can purchase AI-generated marketing materials that are produced in seconds. What isn’t new is that the criminal world has always been an early adapter of new ideas or tools that can be used to manipulate, steal, or make money from unwitting victims.
There are now programs that can take one or two sentences and, using a computer, authentically reproduce a person’s voice. Criminals have found the grandparent scam to be an easy fraud by playing the voice of their family member back to them. With this technology readily available today, anyone can take a YouTube video or TikTok clip and reproduce that person’s voice exactly. They can then use their computer to call the grandparent and type into the computer software what they want the family member’s voice to stay.
I was recently teaching a state association security conference where at lunch the security officers with over 20 years of service dined together. One of them had been told to write an AI policy for the bank. AI produced the policy for him in less than 30 seconds. He reviewed it to see if anything should be added or removed, and had the entire assignment completed in just thirty minutes.
With AI already being used by criminals as described above, what they will come up with next is limited only by their imagination. Your Risk Management team must become as competent with this software as the criminals who are going to attack your unknown weakest link are. The educational path you should follow is to start using ChatGPT and Google’s Bard AI chatbot. Understand how to ask these AI chatbots questions to obtain the results you need. Realize your bank is already using the technology in some products, such as fraud software or decision making capabilities of your present computer system.
Those of us who are more “old school” (aka older) must realize that this isn’t something you can decide that you won't conform to. By not learning the technology now, you will become obsolete in six months. We are finding many free online courses in this area and suggest you take some time to learn about this game changing technology.
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