Abstract:
Artificial intelligence (AI) and fifth generation network technology
(5G) are now being utilised by some companies and financial
institutions such as banks to enhance their competitiveness and
expand their businesses. The general types of AI include
functional AI, interactive AI, text AI, visual AI and analytic AI. The
key components of AI include machine learning, fast Internet
connectivity, deep learning, neural networks and advanced data
analysis. These components may be complemented by the
adoption and use of standard 5G cellular networks. 5G utilises
broadband Internet access and Internet connection, and is now
employed by some banking institutions, especially in developed
countries. It is not clear whether South African banking
institutions have adopted 5G for their Internet connectivity and
operations. AI and 5G may be used to detect and combat
cybercrimes in banking institutions. On the other hand, AI and
5G may also be abused by cybercriminals to commit financial
crimes such as money laundering and insider trading. In this
regard it is submitted that South African policy makers should
carefully revise the Cybercrimes Bill B6-2017 (Cybercrimes Bill)
to embrace the use of AI and 5G to detect and combat
cybercrimes in South African banks. Accordingly, this article
examines the adequacy of the Cybercrimes Bill. It also explores
the regulation and use of 5G and AI to detect, prevent and
combat cybercrimes in banks and other financial institutions in
South Africa.
