Cyber-security is a substantial part of FinTech as criminals target the sector where the money is. It's a different story to phish access to your social network site and your banking account.
Preventing data loss, flagging suspicious behavior are some of the tasks that can be performed by machine learning algorithms.
Cyber-security FinTech companies are growing fast as the sector embraced startup lean methodology as the most effective model for innovation.
The main threat vectors that the financial companies need to face are related to privacy, legacy software, compatibility, third-party security, money laundering, digital and the use of data by third parties, and cloud environment.
AI can be either preventive or proactive in mitigating the risk of fraud. You can monitor customer behavior and flag suspicious actions.
ML methods can react in real-time to transactions. The neural networks can be trained to detect activities that can be fraudulent. The next step is to contact the client directly via phone or email to ask if it was her/him that made the transaction or logged in. This is the best way to perform access control.
