Due to the pandemic, the usage of technologies had become more important among the people. Everything is done with the help of technology and these technologies are mainly developed from Artificial Intelligence. Thus, lockdown doesn’t cause that much trouble for the people. Cyber security is something important to take care of because everyone is dependent on technology in this lockdown period. Using biometric logins, effectively helps to create secure logins. It consists of scanning fingerprints, irises, or palm prints which can be used along with a password. Victims of cyber attacks are increasing and many companies face security breaching which leads to the disclosure of personal information and passwords. So, this type of biometric AI security logins become safer and effective for our personal information or private data like credit card details, debit card details etc.
Benefits Of AI In Cyber Security
- Faster Detection And Response: Artificial intelligence accelerates the recognition of authentication issues and other cyber security dangers.
- Security Network: AI helps to accelerate the procedures such as the production of security strategy and making a sense of the system geography of an association.
- Secure Authentication: AI uses different elements to analyze an individual such as face detection, fingerprint login, etc. It also investigates various components for deciding whether a person is approvable to sign in to other devices.
- Analyzing Behaviour: Analysing behavior is one of the most significant abilities of AI in cyber security. AI can detect uncommon activities and give signals before the transaction ends.
- Prevent Online Frauds: AI powers PCs to use and adjust calculations from the received information and to discover the dangers early. It also responds immediately to the irregular activities that happen.
AI Powered Digital Payments
Due to the pandemic, every place is locked down. So, people can’t step out of their house for their needs. Digital payment is one of the technologies that has become more relevant and useful in this pandemic situation. Everyone around the world uses digital payment methods because they find it easier and secure. Payment processes for many customers are personalizing using AI. AI can analyze the amount customers spend, and recommends them a payment instrument that suits the customers at the time of payment after purchase. In the digital payment sector, the development of chatbots has become the most exciting AI application. These types of technologies are replacing humans in the customer service sector. These chatbots can efficiently solve the queries of customers and enhance the customer service experience. It also allows the customers to make payments.
What Is Neural Network Technology?
The Internet has become more important in everyone’s life. Therefore online shopping, digital transactions, etc are increasing day by day. This resulted in the increase in fraudulent activities in the online payment system. These frauds execute fraudulent activities in a certain pattern that is possible to detect. Thus, artificial neural network technology helps to detect fraudulent transactions. It is a fraud scoring system launched by ID Analytics. This advanced system helps banks and other financial institutes to know whether the fraud attempt is done from a first or third-party source. Neural technology creates a 3D model of a person’s data that includes phone number, address, and transaction history.
AI Makes Users Financially Healthy
This is a huge benefit of AI. An AI-based virtual assistant named Sophie has been developed by a fin-tech startup Douugh for the customers to regain their financial health. Sophie helps the customers to improve their savings decisions and assists them to lower their credit card debt or student loan. Virtual assistants analyses the financial position of customers and manages their spending goals. They also track the bill payments or other payments done by the customers. AI technology can mainly help to analyze the behavior pattern of customers and to make predictions. It continuously analyzes the data regarding the customer’s spending patterns and saving habits by implementing it into the fin-tech sector.
Payments Through Social Media
Everyone knows Facebook and WhatsApp are messaging applications for connecting people worldwide. But now Several companies like Facebook, Alibaba, WhatsApp, and others brought the idea of payment through messenger apps. Payment through social media is easy to use. When you add your debit card or credit card number you can receive or send money to anyone. This new payment method using AI technology has just been introduced in India. In the future, payment through social media apps designed with AI technology makes money transfer easier and more helpful for everyone even in pandemics.
How AI Helps In Preventing Credit Card Fraud?
Credit card companies use AI applications in multiple business areas. These AI applications help effectively in detecting frauds in every financial sector. It also helps in improving customer services and maintaining good relations with them. Credit card companies offer Chatbots that run on Natural Language Processing to the customers to check their bank balances and more when they are traveling. These credit card companies deal with customers digitally by using demographic data and credit card purchase history. Artificial intelligence blocks a transaction if it does not match the profile of the cardholder.
What Do We Do?
Artificial intelligence plays a vital role in cyber security. As everyone finds the internet as a useful source for everything they need including digital payment, cyber security becomes the most important factor. So, artificial intelligence helps specialists in cyber security to discover cyber security dangers and to prevent cyber attacks. We INFOLKS have a very talented group of experts for labeling images, videos, audios and other datasets needed for these AI applications. We assure you of both data security and high quality data for these models.