The Bank of Spain considers it “urgent” for banks to begin implementing artificial intelligence (AI) to combat fraud, as well as to improve efficiency, according to one of the chapters included in the autumn edition of the Magazine of Financial Stability, published this week.
“The deployment of these tools seems urgent as a way to combat fraud or cyber threatssince the number of criminals who, using these same techniques, are already achieving significant profits is growing,” the Bank of Spain has indicated.
In fact, the institution has explained that generative AI has made it easier for ‘phishing’ has raised its level of sophisticationmaking it difficult to differentiate a legitimate email from another that is not.
Additionally, the regulator considers that the new generative AI tools that are beginning to be implemented have the “potential” to modify internal processes and the way in which organizations relate to customers and employees.
“This scenario opens the door to the development and exploitation of complementary sources of income and enables innovative formulas that help maximize operational profitability in an environment marked by changes”has advanced.
In any case, The “real depth” of these tools is still “not very visible” because banks are acting cautiously, and focusing above all on internal processes and applications. Bank of Spain a greater takeoff of the tools when legislative advances are established and implemented.
Although the organization led by José Luis Escrivá considers that the use of these techniques as a source of efficiency and business, it has also warned that it implies the appearance of “important risks” whose management “cannot be ignored.”
“The main practical challenge faced by authorities and users is to deploy an appropriate and robust governance model that ensures the transparency and security of the technology. Only in this way will it be achieved enough trust among the population to facilitate its mass adoption and acceptance”, The Bank of Spain has emphasized in the document.
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