The Committee of E-Business Industry Heads (CeBIH) is urging the adoption of Artificial Intelligence (AI) to counteract cyber threats and criminal activities, enhancing the safety of digital payment systems.

CeBIH highlights AI’s potential for real-time threat detection, predictive analytics, and adaptive response mechanisms, signalling a transformative shift in cybersecurity. These advanced capabilities promise to significantly bolster defenses and mitigate risks.

This call to action was made at the 2024 Quarter II Industry Forum, hosted by CeBIH in Lagos, under the theme: “Cybercrime: Enhancing Consumer Trust and Security with Artificial Intelligence.”

In her keynote address, CeBIH Chairman Celestina Appeal lamented the detrimental impact of cybercrime on lives and businesses, which has driven many to despair. She emphasized the collective effort required to address this pressing issue.

“In an era of rapid technological advancement, the digital landscape offers vast opportunities for innovation,” Appeal stated. “However, these opportunities come with inherent risks, particularly the pervasive threat of cybercrime. Today, we confront this threat head-on, recognizing the crucial importance of maintaining consumer trust and security amidst digital uncertainties.”

Appeal underscored AI’s vital role in safeguarding sensitive data and fortifying digital infrastructure. She described AI as a powerful ally in the battle against cyber threats.

Amit Mehta, Vice President and Cybersecurity Consulting Practice Lead at Mastercard, reinforced this view, highlighting AI’s critical role in enhancing consumer trust in digital banking. “While new technologies are evolving rapidly, our focus should be on their impact on consumer experience. AI is a key innovation that digital banking cannot afford to ignore, as it has the potential to revolutionize the financial services ecosystem,” Mehta asserted.

Obi Ebuka, CEO of Autogon AI, showcased AI’s transformative impact on cybersecurity practices. He demonstrated how AI offers unparalleled real-time threat detection and adaptive security measures. “AI-driven systems can analyze vast amounts of data quickly, identifying unusual patterns and potential threats before they can cause harm,” Ebuka explained.

Afolabi Solebo, General Manager of Lagos State Consumer Protection Agency (LASCOPA), echoed these sentiments, calling attention to the increasing sophistication of cyber threats. He advocated for innovative solutions to protect consumers and enhance confidence in bank transactions. Solebo cited successful case studies where AI has been effectively deployed to safeguard consumers.

Consensus among the stakeholders was clear: AI is a formidable tool in the mission to protect consumers and promote trust in digital banking. They stressed the importance of transparency, education, and innovation in building consumer confidence in AI-driven security solutions.