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How AI is Helping Your Financial Security

When it comes to artificial intelligence, frightening media interpretations abound. In reality, AI systems are proving themselves highly beneficial to the way we conduct business and secure our finances. With new innovations in financial technology (fintech), our data-driven world is made safer all the time.

AI in financial security helps keep your data out of the hands of cybercriminals while giving you the tools to track and improve your debt status and credit score. This technology makes it possible to not only manage financial security but improve the state of your finances overall.

Keeping You Safe from Fraud and Cyber Attack

In 2017, private companies spent $8.2 billion on anti-money laundering controls. Cybercriminals and fraudsters target companies anywhere they can acquire financial data. This makes for higher costs among consumers and a risky digital environment for your financial information.

Cybercriminals use all types of cyber attacks to steal data. With new technological innovations, they build new tools to attempt to work around and breach security. However, one cybersecurity safeguard is proving to be an effective barrier against almost anything criminals can throw at it: artificial intelligence.

AI processes enable analytics and decision making at a scale no human can match. This means protocols that are capable of scanning millions of data points, checking them against registries and authorization information to find and prevent fraud and data breaches at their source.

Here are just a few of the ways in which AI is keeping your financial data secure:

  • Machine learning processes catch fraudulent patterns in account behavior.
  • Suspicious accounts are checked and flagged with smart tools.
  • Data is encrypted constantly, making unauthorized access more difficult.
  • Better models for fraud prevention are created with each new data set.
  • Tools like facial analysis—even lie detection—reduce the potential for fraud.

As we increasingly use mobile devices for all sorts of transactions, the need for highly effective security processes is here. Many fear the consequences of using technology for payment and finances. However, mobile payment security and online banking are being improved all the time.

With the ability of AI processes to model and predict fraud, customers can more securely send and receive money through a digital platform. Machine learning ensures that the more data a system receives, the better it is able to protect uses.

As the world shifts to tech-powered smart cities, AI tools operating on the Internet of Things (IoT) can create a database of verifications that catch unauthorized access at its source. For your financial data, this means a safer, better reality.

But fraud prevention isn’t the only security benefit AI offers your financial data.

Tracking Your Debts and Credit

Anyone struggling to build up their credit score knows the value of debt-tracking and score updates. AI technology is helping to improve this process, in turn improving the security of your finances.

Not only can AI prevent fraud that could damage your credit, but AI also offers the tools to track all manner of debt and credit to allow you to fix your credit faster. Once you charge your card or apply for a credit account, you don’t really know who owns that debt. Debt management is tricky; if an unpaid debt goes to collections, debt collection companies are notorious for issues like continuing to charge even after a debt is paid.

With AI tools available online and through credit services, you can delegate the difficulty of tracking and managing your debts to a logical, data-based process. An AI will follow your debt, learning from payments, and provide you with valuable insight into your own financial status.

Understanding is security, and AI tools offer that security though a host of user-friendly platforms and dashboards. By assembling your financial data in one place, you can better understand the full story of your finances.

Accumulated data paints a broader picture of your security. With AI tools underpinning banking apps and money management software, you can see your debts, credit score, budgeting tips, and much more. This allows you to plot a narrative about how you can achieve financial freedom. With such a narrative in mind, you are in a position to make it happen.

The power of data storytelling is often underappreciated in business intelligence—you should recognize the value of that narrative in your own finances.

Building Financial Security

The full benefits of AI are untold. In the COVID-19 battle, these tools have enabled disease tracking and diagnosis on an unprecedented level. In fighting the pandemic that is cybercrime, AI shows similar potential.

Through constant analysis and verification of systems, AI can prevent fraud and misuse at a level no human can match. By feeding AI large sets of data regarding attempted cyber attacks, we give these systems the ability to spot potential harm, flag it, and remove it from the system before it can cause real damage.

In maintaining your own financial data, money management tools keep you updated in real-time. This in turn gives you more power in catching and preventing fraud.

As the use of AI in the financial industry increases, so too does the potential for secure data. Despite their reputation in pop culture, these smart computational processes can enhance your overall financial health and well-being, all through easy-to-access tools.

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Luke Smith

Luke Smith is a writer and researcher turned blogger. Since finishing college he is trying his hand at being a freelance writer. He enjoys writing on a variety of topics but technology and digital marketing topics are his favorite. When he isn't writing you can find him traveling, hiking, or gaming.

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