Money & AI - threat to your possession.

Financial service providers are facing a mounting challenge of sophisticated cyber attacks led by AI agents. Cybersecurity is not able to keep pace with rapid advancement of AI models. The commoners are worried about their funds deposited with financial services providers and praying that years of saving, in some case, are safe. Perhaps, AI is creating double the chaos than internet and quadruple threats to almost everything.

In most dramatic sense, AI is rewriting the world order. The definition of savings and conventional wisdom of preserving it, are changing with a great pace. The commoners repose a great deal of faith with Financial Service Providers and trust them with their lifetime of savings. The financial service providers owe them a world class cybersecurity or at least an evolving security to protect their asset sitting with them.

I am accepting the fact that it is complicated than we can imagine and Financial Service Providers are having a tough time to keep the pace but trust comes with great degree of responsibility and at times it is not cheap. The Financial Service Providers owe a duty of care towards their depositors and the ecosystem as a whole, to create an environment of trust.

On the other hand, the service recipients should also use reasonable degree of care in ensuring that they don't fall prey to common attack by scammers and maintain basic financial hygiene. It is going to be a collective efforts of all the stakeholders and with active participation we will be able to mitigate the risk.