In the past year, virtual assistants like the Amazon Alexa have become extremely popular. From ordering groceries to setting appointments and now even banking, virtual assistants can do it all. For these assistants to complete their tasks they need information. For banking, an account and routing number and maybe even your social security number is required to complete a transaction. Is sharing this information with a bot safe? Fintech Today has compiled the top stories surrounding virtual assistants and their safety. Read on to learn more.
Virtual assistants like Amazon’s Alexa and Apple’s Siri can now be used by customers to check bank account balances, pay bills, and soon send money using only their voice. The convenience is unparalleled, but the security is lacking. Smart speakers are prime targets for cyber criminals looking to exploit the new technology. Smart speaker users need to be sure to take precautions with their personal information and maybe even their voice.
“Users’ voices can be recorded, manipulated, and replayed to the assistants,” said Kurt Baumgartner, a security researcher with Kaspersky Lab. “Also, with access to banking accounts and abilities to transfer and pay out money, remote financial fraud may be within the reach of cybercriminal groups soon.”
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Bank of America has made it clear that their virtual assistant, Erica, will eliminate many jobs throughout the company. Erica debuted earlier this year and has been one of Bank of America’s highest profile artificial intelligence ventures. Erica responds to both text and speech commands to help customers perform basic banking tasks.
“As we continue to advance our work on AI-driven developments, it is important that we listen to our users today and further enhance Erica to align to client feedback to better meet and anticipate needs,” says Michelle Moore, head of digital banking.
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JP Morgan is introducing a virtual assistant that will move over $5 trillion for businesses every day. The virtual assistant is currently in trials with selected customers to learn human behavior. From payroll to multi-billion dollar checks for companies like Facebook and Honeywell, the new treasury services program will be responsible for it all.
“I am continuously learning and improving,” says the program says as an introduction. “Watch out for new features.”
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HSBC has introduced a new virtual assistant chatbot, AiDA, automated, immediate digital assistant, to improve customer experience and obtain new customers. Fifty-five percent of consumers already use chatbots for customer service, making it a key focus for many financial institutions. Customers are focusing more on experience and convenience, forcing financial institutions to adapt.
“We’re really excited about the chatbot,” said Mary Kate Loftus, the head of multichannel for retail banking and wealth management at HSBC’s U.S. unit. “We kicked it off internally last October; it’s lively, instructive and also slightly irreverent.”
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