Cybersecurity and artificial intelligence: ABI's point of view

Cybercriminals refine manipulation techniques and leverage artificial intelligence to make fraud more sophisticated. But the same technology offers banks new tools to prevent and intercept them. “Security today does not only depend on technological systems, but above all on people's awareness”, explains Veronika Vavrova, head of the Operational Government division of Abi, in this interview.

Given that online scams increasingly target the weakest link in the chain to exploit vulnerabilities, what is really working to inform customers and make them more aware?

"Today, the target of criminals is not only technology, but increasingly people. Industry analyzes show that the vast majority of successful frauds arise from manipulation and social engineering techniques. For this reason, banks are investing more and more in customer training and awareness. What is working best is a continuous and multi-channel approach: information through home banking, apps, e-mails, SMS, social networks and branches, accompanied by campaigns dedicated to the most widespread fraud techniques. In particular, great attention is reserved for the recognition of social engineering attempts, false investments and impersonations of banks or authorities. Making known the most used manipulation techniques and promptly raising awareness among citizens allows us to intervene before the scam takes place, at the moment of maximum vulnerability. Security today does not depend only on technological systems, but above all on people's awareness.

Cybercriminals already use AI to create more sophisticated scams. How are banks' defense systems responding?

"Artificial intelligence changes the balance between attack strategies and defense systems. On the one hand it allows phishing, smishing, spoofing and social engineering attacks to be made more sophisticated and personalized; on the other it offers banks increasingly effective tools to identify anomalies, prevent fraud and strengthen defense systems. The sector's response is made up of growing investments in operational resilience, anti-fraud solutions, identity security, cloud technologies and systems based on AI and machine learning. The objective is not only to block attacks, but above all According to CertFin's findings, 90% of banks are already using or developing tools with the use of AI to strengthen security solutions. In other words, if artificial intelligence can become a threat in the hands of bad actors, it is undoubtedly a tool with enormous potential, but it is necessary to enhance it adopt a prudent and gradual approach, which guarantees conscious and controlled use".

Is AI currently more of an opportunity for growth for innovation, efficiency and security or a challenge for governance, processes and data management?

"Both. Artificial intelligence represents an extraordinary opportunity to improve operational efficiency, personalize services, strengthen controls and increase the ability to prevent fraud and cyber threats. At the same time, it would be simplistic to consider it only a new technology to be adopted. AI requires an evolution in governance, data quality, decision-making processes and control models. For this reason, innovation, security and regulatory compliance must proceed together. The real challenge is to create the conditions so that artificial intelligence can become an accelerator of growth while always keeping control central human, transparency, skills and responsibility. It is in this direction that the banking sector is moving, enhancing the opportunities offered by AI while respecting the rules and customer trust".