Fight Against Cybercrime can be won by Artificial Intelligence

 Amelia Matthers
  Oct 19, 2018

Automated processes have completely revolutionized the way, we go around living our daily lives. Amazon warehouses, real-time wire transactions, online service delivery platforms, SaaS products and large scale adoption of Internet of Things (IoT) are all trends that point towards a highly sophisticated tech landscape that has integrated seamlessly with our lifestyles. But like the real world, there are vulnerabilities attached to this tech landscape as well, cybercrime being the most threatening of them all. From simplest DDoS attacks to large-scale data breaches, cybercrime has been haunting the digital world for a long time now. The digital risk seems to be increasing with every passing day, as even the largest tech giants are not as safe as we would assume they would be, with every one of them becoming a frequent victim of one cybercrime or the other.

According to CNBC, $16 Billion were lost to fraud and identity theft last year. With the majority of those losses incurred by the online businesses, it seems logical that an appropriate strategy is adopted to cut down on such extravagant losses. But can this proverbial super villain of digital “Gotham” can be defeated? Can Artificial Intelligence be the “Dark Knight” we are looking for? Let's find out

Artificial Intelligence - The ultimate Defense?

Artificial Intelligence is the most innovative form of technology that is being used to carry out the most complicated tasks or to provide a superior set of services to digital users. Facebook uses Facial recognition to identify people in an uploaded picture. Google has completely given control of its search results and indexing to Artificial Intelligence. Businesses have harnessed Artificial Intelligence for studying the behavior patterns of users. As a result, AI is now providing suggestions to users to try out new restaurants, listen to music matching their taste, and AI is now even approving loan applications for banks. Soon, we will have driverless cars on roads, thanks to AI. So it only seems logical that AI is trained to not only provide better service to digital users but also secure businesses from digital attacks of cybercriminals.

Many experts believe that artificial intelligence and machine learning can act as gatekeepers providing access to digital resources only after comprehensive examination of a user’s credentials. As online frauds and identity thefts are the easiest and most frequent forms of cybercrimes, a highly effective identity verification service can assist in online fraud prevention. A banking organization or financial institution can perform money laundering checks to ensure that no customer posing as financial risk is offered services by the business.

The Cost of AI-Based Digital Protection

Businesses operate with the sole purpose of making profits and ensuring smooth flow of revenue. So, when we say that AI can become an effective tool for fraud prevention and identity verification, the question arises: At what cost? The Short answer will be: Not Much and certainly way less than the losses currently sustained because of cybercrime. For example, banks are finned multi-million dollars penalities by financial regulators because of registering users that are blacklisted because of their involvement in financial crimes such as money laundering. An AI-based identity verification system - costing a few thousand dollars - with an added feature of money laundering screening can help that same bank to avoid those enormous penalties.

Fake identities used by cybercriminals can be red-flagged using technologically superior AI systems through features like document verification or facial verification. Cashback requests originating from complaints of online identity thefts can be substantially reduced for an e-commerce website with the help of a KYC software that uses AI. Surely, the cost of integrating a reliable AI technology for customer authentication is far less than the loss that a business has to suffer because of cybercrime attacks. Securing access to digital and centralized resources such as databases, product features and admin portals with an AI supported system can safeguard digital ventures from DDoS attacks, website defacing and data breaches. So it can be safely said that it is cost-effective to utilize AI for securing digital assets and resources.

Scalability Issues for AI

Businesses are often skeptical about the scalability of an online system that claims to help them fight off cybercrime. Especially, businesses with large swaths of users that access their website or digital platforms on daily basis, dont want a snail-paced system to affect their service standards. But an AI-powered identity verification system - using machine learning algorithms - will become more and more efficient with time. In fact, website and digital platforms with a large audience stand to benefit the most from such an AI system. Verification time will start reducing significantly as more and more users will perform the verification process, allowing the system to adjust itself according to the common anomalies to look out for and quickly process the users that have valid identities.

With digital black markets working in full swing and cyber attacks evolving rapidly, it is high time for businesses to smarten up and start utilizing the best resources available to them for beating cybercrime. Not only proprietary assets of companies are at stake but digital rights of a common user are also hanging by a thread. AI is one of the most efficient ways to curb cybercriminals from routinely hacking into business databases and stealing critical user information. The cost for AI-based identity verification is reasonable and when seen in comparison with endured losses, it becomes minimal. Moving forward, AI has to become the benchmark for airtight digital security against cybercrime.

Fight Against Cybercrime can be won by Artificial Intelligence

Amelia Matthers

A techie by heart and a writer by choice, Frederick seeks to live in a world where Artificial Intelligence is cornerstone of every digital platform. She doesn’t want to read about frequent reports of data breaches and cybercriminals outsmarting big tech giants. Amelia believes that businesses need to adopt a proactive approach to establish an online marketplace free of identity theft and online frauds.

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