The use of artificial intelligence to combat cybercrime in South African banks

Abstract

The rise in Cybercrimes in South African banks continues to increase. The borderless nature of Cybercrime and its rapid evolution continues to be a problem for law enforcement agencies such as the South African Police Service. This is because the South African police Service does not have adequate Cybercrime training programmes, and their Cybercrime division is not adequately funded. In this regard, the South African Police Service cannot investigate Cybercrime properly, and the traditional crime investigation methods are ineffective as the face of Cybercrime is always changing. Artificial Intelligence, in this regard, can aid in detecting, investigating, and combatting Cybercrime. The nature of Artificial Intelligence is compatible with the rapid evolution of Cybercrime as it can study Cybercrime and its evolution in real time. The available Artificial Intelligence used in South African banks, such as chatbots, are ineffective in detecting and combatting Cybercrime. This has placed a responsibility on South African banks to explore other forms of AI that can be used to combat Cybercrimes. However, Artificial Intelligence is not regulated in South Africa, leaving room for uncertainty about how Artificial Intelligence should operate or be implemented.