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Education

like money laundering, drug trafficking and cybercrime. fraud when using AI by automating identity verification,
The anonymity of blockchain transactions makes it transaction monitoring and account activity monitoring.
difficult to trace and identify criminals and makes users AI can quickly detect suspicious activity, allowing banks
vulnerable to hacking and other cyber-attacks. to take immediate action to prevent fraud. AI can thus help
banks quickly identify and block fraudulent transactions,
Additionally, due to the lack of regulation, the value as well as detect patterns in a customer's behavior that
of cryptocurrencies can fluctuate significantly, leaving may indicate potential fraud.
investors vulnerable to losses. Finally, blockchain
technology is in its early stages; there is a lack of Additionally, AI can be used to detect unusual spending
understanding and knowledge about its potential risks. As patterns, which can help banks better understand customer
such, investors and users must be aware of the potential behavior and identify potentially fraudulent activity. With
risks associated with blockchain technology before early detection of fraudulent activity, the financial impact
investing in or using it. of fraud on businesses is mitigated.
Artificial intelligence Fintech advancements have undeniably changed the

AI is a branch of computer science focused on the retail world by influencing how consumers purchase and
development of intelligent machines that can think and how retailers manage their finances. Technology can be
act like humans. That said, it has become increasingly a double-edged sword: it has incredible time-saving and
important in our lives as it can help automate mundane cost-cutting advantages but opens up fraud opportunities.
tasks and enable decision-making that would otherwise be The benefits of evolving banking and card payment
impossible. AI has been used in fields such as healthcare, technologies will hopefully continue to outweigh the risks
finance and transportation to improve efficiency and and bring increased protections and safeguards to thwart
accuracy. unscrupulous activities.

With technology's continued advancement, the potential Elie Y. Katz is founder, president and CEO at National Retail Solutions
applications of AI are limitless and will continue to shape (NRS), https://nrsplus.com. Contact him by phone at 201-715-5179 or
our future. For example, financial institutions can reduce by email at ekatz@nrsplus.com.

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