Main applications of AI in Financial information security 

1. Cybersecurity challenges for the BFSI industry 

The traditional BFSI (Banking, Financial Services and Insurance) industry is facing many challenges in information security due to a significant increase in cybercrime. The sophistication of activities targeting financial information systems not only creates new challenges but also leads to a series of risks, including information leaks via SMS messages, leaked OTP codes, and fake accounts used to make fraudulent transactions. When customers fall for fraud, money can be transferred quickly through these accounts. Global cybersecurity research shows that remote computer attacks increased by 768% in 2020, resulting in the loss of more than $1 trillion in cybercriminal activity. According to a report by the Global Anti-Fraud Alliance, in 2021, Vietnam recorded more than 87,000 online fraud cases, higher than many other countries in Southeast Asia. Meanwhile, in the first 8 months of 2022, authorities in Vietnam have discovered nearly 2,000 cases of bank account fraud. In particular, the rate of fraud cases related to banks, payment systems and electronic stores in Vietnam is more than 26%, this poses a warning about the need to strengthen security measures to prevent fraud. Protect network users in Vietnam. 

2. Current status and trends in financial information security 

In the Banking, Financial Services and Insurance (BFSI) industry, many companies have implemented systems to detect and prevent suspicious activities. However, these systems often focus primarily on on-site (offline) working environments rather than remote (online) working environments or a combination of both. In this context, the use of artificial intelligence models capable of self-learning, organizing and interpreting information to predict, identify fraud and secure financial information is becoming an important trend for Solve challenges in a remote work environment. 

Additionally, the ability of AI models to organize and interpret information plays an important role in creating accurate predictions and understanding the causes of incidents. This enhances the ability to monitor and manage financial risks, while also providing detailed information to support people in the investigation process when incidents occur. Furthermore, creating a collaborative environment and sharing information with partners is important. Organizations are shifting and leveraging collaboration with partners and government agencies to forecast and share information about the latest threats. By building a strong cybersecurity community, organizations can quickly grasp new attack trends and strengthen their prevention power. 

3. Application of artificial intelligence in securing financial information 

Main applications of AI in financial information security 

With the advancement of artificial intelligence (AI) in information security and data leak prevention, the BFSI industry can exploit the potential of AI applications to improve performance, shape a system Dynamic and flexible security, proactively responding to existing intrusion risks and predicting possible risks in a variety of situations. Specifically, these applications include: 

One is: Detect and prevent fraud 

Second is: User authentication 

Third is: Data management 

Visa uses a security system through AI 

As attacks exploit modern technology to access financial information and compromise its security in new ways, Visa is applying defenses based on AI to predict and combat these threats. Cyberattacks are leveraging big data and Artificial Intelligence to find and exploit new vulnerabilities. Through programmatic and scaled automated testing of popular payment markets, also known as account auditing, cyberattacks can succeed in monetizing e-commerce transactions. death, resulting in hundreds of millions of dollars being leaked due to fraud on the payment system. 

4. Propose effective AI applications in Vietnam 

With the continuous development of the digital environment, the application of artificial intelligence (AI) in financial information security is becoming an important goal for businesses in the Banking, Financial Services and Insurance (BFSI) in Vietnam. Although the possibilities of using AI to prevent and detect increasingly sophisticated financial information security threats are clear, many businesses in Vietnam are still not realizing the full potential of the technology. This is in the field of information security. Here are some tips to promote the effective application of AI in the BFSI sector in Vietnam: 

Invest in technology and human resource training: organizations need to invest in developing a robust technology infrastructure and training professional human resources to deploy and manage effective AI systems. 

Building monitoring and prevention systems: to create continuous monitoring systems and advanced prevention measures to detect and prevent cyber attacks, thereby protecting important customer information row. 

Promote cooperation and information sharing: businesses need to promote cooperation with partners and government agencies to forecast the latest threats and build a strong cybersecurity community. 

In the context of the Banking, Financial Services and Insurance (BFSI) industry, which is facing many challenges related to cybersecurity and information leakage, applications of artificial intelligence (AI) have become increasingly important. becomes an important key to minimizing risks and protecting financial information. Continued investment in this technology will help strengthen the security of the BFSI industry to maintain sustainable growth in a competitive business environment. 

Reference source: Summary 

Compiled by the DTSVN author group - Digital transformation solutions for the Finance and Banking industry. 

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