The regulation and use of artificial intelligence and 5G technology to combat cybercrime and financial crime in South African banks

Show simple item record Chitimira, Howard Ncube, Princess 2022-03-30T11:15:36Z 2022-03-30T11:15:36Z 2021-06
dc.description.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. en_ZA
dc.description.department Mercantile Law en_ZA
dc.description.librarian pm2022 en_ZA
dc.description.uri en_ZA
dc.identifier.citation Chitimira, H. and Ncube, P. "The Regulation and Use of Artificial Intelligence and 5G Technology to Combat Cybercrime and Financial Crime in South African Banks" PER / PELJ 2021(24) - DOI en_ZA
dc.identifier.issn 1727-3781 (print)
dc.identifier.other 10.17159/1727- 3781/2021/v24i0a10742
dc.language.iso en en_ZA
dc.publisher Academy of Science of South Africa en_ZA
dc.rights © Attribution 4.0 International (CC BY 4.0). en_ZA
dc.subject Cybercrimes en_ZA
dc.subject Cyber security en_ZA
dc.subject Financial markets en_ZA
dc.subject Financial institutions en_ZA
dc.subject Artificial intelligence (AI) en_ZA
dc.subject Fifth generation network technology (5G) en_ZA
dc.title The regulation and use of artificial intelligence and 5G technology to combat cybercrime and financial crime in South African banks en_ZA
dc.type Article en_ZA

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