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.

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