Artificial intelligence (AI) is becoming a powerful tool in the hands of criminals, threatening the security of the financial sector. This article explores modern threats and the importance of AI systems' explainability.
Threats Posed by AI in Financial Crimes
Cybercriminals leverage AI to create convincing forgeries, develop highly personalized phishing attacks, and manufacture synthetic identities at scale. They use these technologies to bypass verification systems and commit fraudulent activities, representing a critical threat to the financial industry.
Shortcomings of Traditional Compliance Systems
Current compliance systems largely lack adaptability and can only react to predefined signals and static patterns. This creates a gap between criminals' innovations and outdated protective measures, undermining trust in financial institutions.
The Necessity of Explainability in AI Systems
The explainability of AI systems should be a mandatory requirement for use in compliance-related areas. Without transparency in how systems operate, it's challenging to assess their effectiveness and ensure accountability to regulatory bodies.
Modern financial crimes demand a coordinated approach and the implementation of explainable AI systems to ensure safety and trust in the financial ecosystem.
