80% of Financial Firms are Using AI to Prevent Fraud

Published on
April 2, 2024
80% of Financial Firms are Using AI to Prevent Fraud

​​The U.S. Department of the Treasury report on "Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector" highlights several key statistics, including:

  • 63%  surveyed are using AI or machine learning for cybersecurity purposes
  • 80% reported using AI or machine learning to prevent fraud.
  • 94% indicated that facilitating better industry-wide information sharing about AI cyberattacks would be an effective regulatory measure
  • 82% of surveyed firms suggested investing in research to understand AI-related cybersecurity risks would also be effective.
  • 100% of large firms (those with over $50 billion in assets) have in-house AI capabilities for fraud prevention and 94%for cybersecurity.
  •  44% of smaller firms (those with under $1 billion in assets) have in-house AI for cybersecurity and 40% for fraud prevention.

 

As AI adoption in the financial services sector continues to grow, organizations must prioritize managing AI-specific cybersecurity risks to protect their digital assets and maintain the financial system's stability.

 

Jericho Security's platform is designed to address the evolving nature of AI-powered phishing attacks. By using AI to create advanced phishing simulations and educational content, Jericho Security helps organizations stay one step ahead of cybercriminals. Key features of the platform include:

 

  • Simulated AI-Powered Attacks: Jericho Security generates realistic AI-driven phishing simulations to prepare employees for real-world threats.
  • Advanced Training Content: Comprehensive training materials educate employees on the latest phishing tactics and how to identify them.
  • Real-Time Adaptation: Jericho Security's AI technology continuously learns from new threats, ensuring the platform remains effective against evolving phishing attacks.

 

Organizations must adopt advanced cybersecurity solutions to protect themselves from AI-powered phishing attacks as the threat landscape evolves. Jericho Security's innovative platform offers a cutting-edge approach to combating these threats, helping businesses defend against the new wave of cybercrime.