Banks and Bank Robbers Embark on AI Arms Race
As cyber attacks become more frequent and costly, banks are increasingly turning to artificial intelligence to protect their networks—but so are the criminals.
The first recorded bank heist in US history occurred in 1831, when James Honeyman and William Murray entered the City Bank of New York, courtesy of forged keys—and made away with $245,000 in cash. Fast forward to 2016, and crooks made away with $1 billion from the Bangladesh Bank by using much the same tactic—although the forged keys were transmitted through the Swift network, via fiberoptic cables, sending fake instructions to the central bank’s account at the Federal Reserve Bank of New York.
More on Management & Strategy
Waters Wavelength
Wavelength Podcast Episode 157: FIA Boca Preview & Other News
A look at what's to come at FIA Boca; Finra was named the CAT plan processor; a Waters magazine relaunch.
Subscribe to Weekly Wrap emails
Most read
- A Blueprint for Alternative Data in Asset Management
- Women in Technology & Data Awards 2019: All the Winners and Why they Won
- Witad Awards 2019 Write-Ups: Rising Star (End-User)—Irene Kan, TD Securities
- Witad Awards 2019 Write-Ups: Vendor Partnership or Alliance Professional of the Year—Marisol Collazo, DTCC
- Witad Awards 2019 Write-Ups: Legal/Compliance Professional of the Year—Miranda Morad, MarketAxess
Back to Top