How does AI Improve Banking Security?

AI-backed security solutions have the potential to enhance banking security beyond imagination.

FREMONT, CA: Banks are deploying AI-based solutions in a diverse range of areas within the banking ecosystem. The benefits of AI can be extended to banking security as well. Banks are the chief targets for fraud and theft, and thus, financial organizations require a multi-layered security strategy that must be backed by AI. Remote monitoring technology with AI-powered analytics capabilities is also amongst the emerging trends when it comes to banking security. The following list mentions a few ways in which banks can optimize physical security using AI. 

Facial Recognition at Vulnerable Points

Cameras with facial recognition capabilities can be installed at the bank entrances, as well as at other vulnerable locations to capture faces and identify questionable activities and behaviors among probable suspects. The technology is especially valuable for remotely located ATMs that cannot be provided with adequate security measures.

Identifying Suspects with AI

AI gives an excellent opportunity for banks for on-site and real-time decision-making. AI solutions can instantly match the suspected behavior with past records involving suspicious or fraudulent activities. The immediate results are invaluable from the security perspective of the financial systems. Surveillance cameras, linked with AI, can transform the way banks view security in the future.

Object Identification

ATM card skimming and jackpotting are some of the common offenses associated with ATMs. A security system that employs machine vision and AI can give automated alerts in the case of unusual occurrences.

The current trends in AI suggest that banking security systems can be future-proof and highly optimized in the short, as well as the long term.

See Also: Top Banking Technology Companies