2 Surprising Ways Artificial Intelligence Protects Your Money and Future
Most people who hear about artificial
How does AI help? It works with data faster and more accurately than a human ever could. By using AI to monitor financial transactions, a company can keep track of the real-time activity of its customers and verify its authenticity. For example, someone who makes a large withdrawal from their bank account might get an AI-generated call, text, or email seconds afterward to verify the transaction. Fraud Detection AI can also predict and f lag unusual activity associated with fraud. By combining two of its processes — data management and pattern identification — AI can pinpoint oddities within a person’s finances. For example, if a card is used for a purchase in America then used a few hours later for a purchase in another country across the world, AI can detect this suspicious activity almost immediately and send an alert to the cardholder. Additionally, AI is created to learn , which means that over time, it will become more attuned to what is or is not fraudulent activity. Artificial Intelligence is a powerful and beneficial tool for business owners and individuals alike. Read more about what AI is doing in the financial world at MarutiTech.com/ways-ai-transforming-finance .
intelligence (AI) conjure up an image of a robot acting and thinking on its own. However, it’s far more than
that. AI systems are used by businesses to identify human behavior patterns and tailor marketing messages. They’re also used by health care professionals to provide diagnoses and monitor trends. And now, AI is being used for financial security. Risk Management Many are concerned about the risk of someone hacking into their bank accounts and cleaning them out. While that can happen at any moment, individuals often have a number of safeguards in place to protect their finances and mitigate this risk. The same is true for businesses, such as banks, credit card companies, or online retailers, though the risks are often far higher for these companies than they are for individuals.
COVID-19 Scammers Are on the Prowl
The recent pandemic has been a source of hardship for many people who are desperate to return to normalcy and get their lives back on track. Unfortunately, there are scammers and fraudsters who are all too willing to take advantage of this situation. Back in July, the Federal Trade Commission (FTC) released a report detailing just how big a problem this is. This spring, scammers were able to walk away with $93 million from their victims by using COVID-19-related scams. Many of these scammers use tools you may be familiar with — phishing emails, phone calls, and robocalls — and they use specific tactics to trick their victims into staying on the line and to coerce them into handing over crucial financial information. During the pandemic, this has been no different. Scammers have simply changed their script to match the times. Here are two such current scams: The ‘Grandparent Scam’ In this common ploy, a scammer dials up a grandparent and tries to trick them by pretending to be their grandchild. The FTC reports that this is a common tactic.
In past variations of this scam, the “grandchild” explains that they are in
some kind of trouble — they may have been arrested or run out of money while traveling. In new variations of the scam, the “grandchild” (or other family member) claims to have fallen ill or lost their job and can’t make ends meet. Scammers prey on the grandparent’s desire to help their grandchild get back on their feet. The ‘Vaccine Scam’ In this other common scam, victims get a call or email from someone claiming to be a medical professional or government agent who has access to a COVID-19 vaccine. If victims are willing to pay their fee, they can have access to this vaccine, which will miraculously give them immunity. Sound too good to be true? It is. There is no vaccine at this time. If the victim falls for the scam, the scammer gets paid and then disappears with the money. The best way to protect yourself from fraud is to stay vigilant. If you get an unusual phone call or email, ignore it. Remember, a government agency is never going to call you without warning. And if you get a call from a family member under bizarre circumstances, hang up and call a number you are familiar with to verify the status of that family member.
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