A Theoretical Perspective of Artificial Intelligence in Hostility of Cyber Threats in the Banking Sector

Abstract

With the progress of new know-how and technology, various cyber centers are utilized by illegal persons to augment cyber related crime. To alleviate this digital crime and cyber threats, artificial intelligence is being implemented by banks and financial institutions. A variety of avenues are offered by artificial intelligence techniques, which facilitate the banks to amplify affluence plus wealth. As per various literatures it has been observed that the expenses of cybercrime were around $ 450 million globally. Therefore, it becomes imperative to introduce certain security programs for guarding cyber threats in banking area. To battle and overcome hackers many banks are moving hands to employ artificial intelligence. Various kinds of cybercrimes are prohibited and recognized by AI-based fraud detection systems. However, execution and preservation of artificial intelligence consist of the high cost. After it, joblessness rate is also augmented by AI techniques. In this study various artificial intelligence techniques will be discussed along with their utilization and limitations.