Artificial Intelligence What is it and Why it Matters

Artificial Intelligence – What is it and Why it Matters

Artificial intelligence (AI) emphasizes the creation of intelligent machines that work and react like humans. Artificial intelligence uses machine learning to work like human intelligence. The computer has to learn how to respond to certain actions, so it uses algorithms and historical data to make predictions.

Machine learning is one of the most important AI technology. This technology allows the machine to work on a certain algorithm of learning without explicitly giving them defined instructions. The machine learning AI-based program is designed for decision making with the ability to recognize the relations with available data. 

AI Taking over the world?

A person’s view of AI taking over the world is merely a misconception. Do you think that AI can challenge the human brain, his way of thinking and behaviors and surpass human intelligence gaining the title of “Super-intelligence?” It is not as simple as it seems right? A machine designed by humans is replacing Human..seems ridiculous right? Just because of the invention of some wonderful technology which leaves humanly astonished, causes an unknown fear in their minds.

Artificial Intelligence is just a technology that is used to ease the humans. But if people start thinking that this miraculous technology will take over the world replacing humans then it would be wrong. Because no matter how intelligent the machine is, it can never surpass the abilities of the human brain.

Why People Should Embrace And Not Fear Artificial Intelligence?

As new advancements in any technology are usual to go mainstream, the public in the majority often reacts with a degree of mistrust and fear. That’s probably because with each step technology takes forward, humanity usually has to deal with some growing pains. Even advancements that we now take for granted completely shook the world when they first came on screen. So is the case with Artificial intelligence which is just the latest form of technology getting a lot of fear and pushbacks.

Tesla and SpaceX chief executive Elon Musk has pushed for the proactive regulation of artificial intelligence because “by the time we are reactive in AI regulation, it’s too late”.He has been calling for “strict regulations of technology”. There’s a lot of fear surrounding artificial intelligence these days. Well, we all know about the saying “nothing is good or bad, its use makes it so” so what we need is a clearer understanding of the issues: what AI can do, and, more pressingly, what it can’t. Reasons Why AI is nothing to be afraid of:

  • AI does not know everything!

We have gone overboard with the unrealistic portrayal of AI robots and supercomputers thanks to Hollywood movies and sci-fi novels. These kinds of ‘take over the world and think independently of thy human creator’ AI programs simply don’t exist!

Humans have yet to invent an all-in-one AI design capable of performing an infinite number of tasks and learning at a geometric rate. What you’ll find instead is a growing number of AI designs that can perform very specific tasks very and are unable to “think” independently.

  • AI creates new jobs!

Whilst AI could potentially replace some jobs, it’s also true that AI has led to the creation of many jobs as well. For instance, smartphones combined with Uber’s AI technology have created driving jobs for just about anyone with a car.

It can be difficult to predict which jobs will be created, but it will absolutely happen. If nothing more humans will still be needed to double-check AI’s work.

  • It makes for a better consumer experience:

Thanks to its data processing expertise, AI can analyze a user’s behavior and respond accordingly to help them make purchases according to their needs and wants, creating a better online experience for the buyer and more money in the pocket of the business.

  • AI is not Handled by any single person:

There is no single government entity, military leader or evil CEO that can push a button and command AI to harm mankind. In fact, AI isn’t in the hands of a few people but instead is integrated across the globe and is in the hands of more than a million people in thousands of different forms.

  • It encourages more human interaction:

AI is assigned to repetitive tasks so that humans are free to do things that machines aren’t good at, such as interacting with other humans. AI can’t replace a doctor consoling an ill man or a startup CEO conducting dozens of interviews, but it can free up everyone’s schedules a bit. times. It saves people’s lives when people can’t save people’s lives by helping doctors by the diagnosis of disease does that they can provide the relevant course of treatment.

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Wonders of Artificial Intelligence In Every Sector:

Artificial Intelligence products are an innovative breakthrough that paved the way for businesses with the potential to boost rates of profitability. The number of artificial intelligence startups has been exponentially growing from the last few years. It has been employed immensely in business for creating smart applications. AI-based products make work easy and somewhat more reliable. The following are the few mind-boggling AI applications from various sectors:

Healthcare

When used in healthcare, AI practically changes the way patients are being treated. Artificial intelligence simplifies the lives of patients, doctors, and hospital administrators by performing tasks that are typically done by humans, but in less time and at a fraction of the cost. No one can dispute the power of MRI, X-ray machines, and CT scanners. AI-supported scanners can delve much deeper into the patient’s body, thus creating perfectly accurate images that reveal the presence or absence of illness. AI is already able to detect skin cancer more accurately than dermatology experts. AI-based apps can successfully track and evaluate user behavior, thus discovering the first signs of mood swings and depressive behavior, for Instance, BioBeats. Robot doctors are gradually taking over the surgery scene by making surgeries cleaner and more precise. Moreover, drug designing is becoming effective and less expensive by computational methods. So AI is verily enhancing the healthcare sector.

E-Commerce

These days we are doing everything on the internet for almost everything. From online shopping to online ooking everything is being done via the internet. Online merchants need to worry no more as AI-based products have eased online business. These days Virtual assistants have grown to be a very common technology. Chatbots emphasize the value of human interactions and connection. Chatbots replaces forms with A.I. Instead of traditional marketing and sales platforms that rely on forms and follow-ups, it connects business with the best leads in real-time, like a virtual assistant for your website. Likewise, automated social media marketing tools are used. These tools perform automated publishing, add identity trending content, publish new posts automatically, etc. Companies can increase their efficiency on social media sites by automated tools that take much of the legwork out of this type of marketing, freeing staff members up for other campaigns, bringing up more profits to the business.

Financial Institutes

Since mobile banking is increasing so are digital scams clamping up. It is very important for financial institutes to know who they are dealing with. Thanks to AI Digital identity verification service are here which are used by banks or financial institutes to ensure that users or customers provide information that is associated with the identity of a real person. It decreases the time required for authentication of the ID of a person and streamlines the process. These products ensure security, deter frauds and decrease digital scams.

Fraud Detection

The Role of Artificial Intelligence in the Future Of Financial Fraud Detection

Until a few years ago Artificial Intelligence seemed like a thing from sci-fi movies. The whole concept seemed like fiction or a far fetched dream fed by wishful thinking. Then came personal assistants like Siri, Google Assistant, Bixby, Alexa and Cortana, which made the people realise that they could have something like a Jarvis in their homes as well. However, these are just known as weak AIs. Strong AIs are theoretically able to work with human cognitive abilities. Such advancing work in the field of AI is said to achieve tremendous goals in a number of fields including revolutionising the future of fraud detection.

Identity theft and fraud in the commercial sector has been a huge problem for nearly every merchant. Particularly since the increase in online buying of consumers, the number and types of online fraud have increased tenfolds. It is becoming an inevitable task for every business to implement productive anti-fraud solutions in their practices.

With the increase in online trade, cybercriminals have also found more intricate ways to defraud both businesses and end consumers. As the effect of access to information across the web snowballs, online scammers find new and more advanced ways to hoodwink retailers, online or otherwise.

Fraud in the Financial Sector

The financial sector, however, has been the most unfortunate victim of identity theft and online frauds and scams. MacAfee reported a loss of over 600 billion dollars to the global economy due to financial and other forms of cybercrimes. From Phishing scams to good old fashioned credit card to more modern fraud schemes including social engineering, card skimming, the Banking, Financial Services and the Insurance (BFSI) sector has seen the worst cases of frauds and has consequently suffered the most tremendous losses as well.

Read: How Augmented Intelligence is next stop in ID Verification Services?

The finance sector is constantly looking for ways to upgrade their systems an implement fraud protection measures, while cybercriminals are as a result looking and coming up with better and more advanced ways to hack into their databases or to compromise customer data to gain access to their finances. Such schemes are now being fought with advanced technology including machine learning and artificial intelligence.

The Market for Fraud Detection

The market for fraud detection and prevention services has gained a lot of popularity over the years, allowing the banking and the financial sector to fight fraudulent activities in an effective way. Up until now, the banking and finance sector was only able to put up walls against scammers or implement firefighting measures in case any scams surfaced.

In 2016 the entire market for such services was valued at 13.64 billion dollars. Better yet it is expected to cross 40 billion dollars by the year 2023. Primarily fraud prevention systems are software solutions that will provide conclusive and actionable solutions to identify frauds and block or at least limit any future occurrences.

Artificial Intelligence and Fraud Detection

Recently, the use of artificial intelligence in the fight against fraud has helped achieve an unprecedented level of success in detecting fraudulent activity. The idea is basically to fight fire with fire; if cybercriminals can use advanced tech to defraud the system, the same knowledge should be used to develop systems that can keep crooks out.

The idea of implementing AI-based models is to basically detect and predict identity theft and other scams commonly used by criminals to compromise financial institutions. The concept of big data comes useful herein. Since banks and financial institutes have on hand large amounts of customer data as well as transactional data, it can be used productively to predict patterns in data and look for any irregularities. This can make financial fraud detection a much easier feat for the BFSI industry.

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The Role of Artificial Intelligence in the Future Of Financial Fraud Detection

Use of AI in Identity Verification Services

More than that, AI can now be used to detect fraudulent pursuits by enabling businesses to implement identity verification measures to authenticate the IDs of customers. Shufti Pro is a such an AI-based identity verification software that provides an array of Know Your Customer (KYC) services through an AI-based SaaS. It has made significant headway into developing fraud prevention techniques that enable the banking sector to put up sizable defences against online fraud and cybercrime.

Shufti Pro is currently providing the best identity theft protection services in the market. It provides fraud prevention services through an AI-based authentication system that verifies a user’s ID in under a minute. It is supported globally and has universal language support in its system. Not only that, its restful API enables banks, financial institutes and online retailers to integrate their web-based applications and modules without any downtime.

Fraud detection and Artificial Intelligence together have the potential to transform the future of financial fraud detection and has already made significant headway into it.