Increasingly powerful AI tools are enabling malicious actors to target financial services systems and institutions the world over. Recently the IMF found cyber-enabled fraud has nearly tripled with losses falling hardest on developing countries. And that was before a new generation of AI models powerful enough to spur an emergency meeting between the US Federal Reserve and the CEOs of the largest banks in the world. These emerging threats are in no way confined to large multinational banks however. AI lowers the costs of cyberattacks, increasing the number of organizations at risk including CDFIs in the US, MFIs around the world, mobile money systems and fintechs focused on lower-income customers.
This faiVLive, co-hosted with FinDev Gateway, will focus on better understanding the emerging risks, and seek to catalyze informed collective action in the financial inclusion community.
Panelists:
Beni Chugh, Head of Future of Finance, Dvara Research
Buhle Goslar, Chairperson and Independent Director of Lula
Patrick McKenzie, Bits about Money and Complex Systems
Andrée Simon, Global CEO, Finca International
Moderator: Tim Ogden, Managing Director, Financial Access Initiative
Editor's Note:
If you were hoping that the faiV would be a pleasant distraction from the overwhelming flow of AI-related content, sorry. For the record, the faiV had “ai” built in before Anthropic existed. And a housekeeping note: we’ve finally jumped ship from Mailchimp to NYU’s mailing platform—I guess if you’re reading this it’s been a seamless transition and if you’re not, well, you’re not. Feedback on the faiV’s content and format and delivery methods is always welcome, just drop me an email.
- Tim Ogden