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HomeEntertainment NewsStakeholders Reiterate Consumer Confidence In AI Deployment – Independent Newspaper Nigeria

Stakeholders Reiterate Consumer Confidence In AI Deployment – Independent Newspaper Nigeria

Stakeholders have called on financial services providers to consider their customers the cornerstone of any emerging technologies such as Artificial Intelligence (AI) in order to address the growing concerns surrounding the growing trend of cybercrime.

They posited this at the 2024 Quarter II Industry forum organised by the Committee of E-Business Industry Heads (CeBIH), themed: “Cybercrime: Enhancing Consumer Trust and Security with Artificial Intelligence”, held recently at Radisson Blu Anchorage Hotel, Victoria Island Lagos.

Speaking at the event, Amit Mehta, Vice President, Cybersecurity Consulting Practice Lead: EEMEA (ex CISO), Mastercard emphasised the critical role of Artificial Intelligence (AI) in enhancing consumer trust, particularly in the realm of digital banking.

“There is no doubt that new technologies are fast evolving. What we should be most bothered about is not the technology itself, but their essence in consumer experience. AI is one of such innovations that digital banking cannot play down on because of the disruption it has and will continue to bring into the financial services ecosystem.

“Key issues that digital banking must have been grappling with can be resolved by AI. A typical example is the ability to generate automated responses for customer experience. However, there is a need for the assessment of the deployment of AI,” Mehta noted.

In his presentation, Mr. Obi Ebuka, Chief Executive Officer, Autogon AI outlined how AI can revolutionise cyber security practices, offering real-time threat detection and adaptive security measures that traditional methods cannot match.

According to him, “AI-driven systems can analyze vast amounts of data quickly, identifying unusual patterns and potential threats before they can cause harm. As digital banking continues to grow, the integration of AI in cybersecurity practices promises a safer and more trustworthy digital environment for all consumers,” Ebuka explained.

On his part during the discussion panel, the General Manager, Lagos State Consumer Protection Agency (LASCOPA), Afolabi Solebo, highlighted the increasing sophistication of cyber threats and called for innovative solutions to protect and enhance consumers’ confidence in bank transactions.

He noted the growing concerns surrounding cybercrime and emphasised the critical role of Artificial Intelligence (AI) in enhancing consumer trust, particularly in the realm of digital banking.

The General Manager also highlighted successful case studies where AI has been deployed to protect consumers in digital banking, citing reduced fraud incidents and improved user experiences. These success stories, according to him, underscore the potential of AI to transform cyber security. However, we must remain vigilant and continuously improve our technologies to stay ahead of cybercriminals”.

Mr. Solebo reaffirmed the agency’s commitment to protecting consumers and promoting trust in digital banking.

In his words: “Our mission is to ensure that every Nigerian can bank online with confidence, knowing their data is secure. AI is a powerful tool in this mission, and we will continue to champion its responsible and effective use.

“Cybercrime is evolving at an unprecedented rate, posing significant risks to consumers, especially in the digital banking sector. To effectively combat these threats, we must leverage advanced technologies like AI to safeguard consumer interests”.

Solebo stressed the importance of transparency and education in building consumer confidence in AI-driven security solutions.

“Consumers need to understand how AI works to protect their data. This involves clear communication from financial institutions about the benefits and safeguards associated with AI technologies.

“By demystifying AI and demonstrating its effectiveness, we can foster a higher level of trust among users. This proactive approach is essential for maintaining the integrity of digital banking services and ensuring consumer trust”, he added.

Earlier in her opening remarks, the Chairman, Committee of E-Business Industry Heads (CeBIH), Mrs. Celestina Appeal said the forum was constituted to bring together the upper echelon of electronic industry practitioners in all Nigerian banks and stakeholders alike to discuss crucial topics relating to the industry to provide safety in the digital payment system for consumers both online and physical.  

Mrs. Appeal noted that the increasing rate of cybercrime which could be life-threatening as it cuts across all through phishing, data breaches, ransomware, identity amongst others, hence the need for all parties concerned to come together towards ensuring that the integrity of the financial space is protected by leveraging on tools available.

The event witnessed the presence of Abumere Igboa, Chief Information Security Officer, Stanbic IBTC Bank, Temitope Onibaniyi, Secretary, Emerging Payments, CeBIH; Oremeyi Akah, Chief Customer Success Officer, Interswitch Group, among others.

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