Most Americans Trust AI To Monitor Digital Payment Accounts, But Is It Really Safe?
Written by
Vance Cariaga
Edited by
Cory Dudak
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The one thing you can be sure of about the financial industry is that it will figure out ways to make spending money easier. Look no further than the various payment apps, platforms and technologies that have burst onto the scene in recent years. The next generation of digital payment systems — those driven by artificial intelligence — is already here.
But while many consumers are flocking to AI as a financial resource, most don’t trust the technology to spend money (yet).
Survey Says Americans Don’t Fully Trust AI… Yet
A new Empower survey of 999 American adults found that the majority trust AI to help with financial planning, with nearly two-thirds (65%) saying they would use the technology to give account balances or performance updates. Here are other areas more than half of respondents would use AI financially:
- Suggest ways to grow savings: 60%.
- Help stick to or manage a budget: 58%.
- Create a budget: 57%.
However, only 41% of Americans are “open to the idea” of AI paying their bills, according to the survey. Fewer than one-in-five (17%) trust AI to make investments, while less than 10% have asked AI to assist them with a financial matter. Among the survey’s other findings regarding AI:
- Only 40% trust AI to transfer funds to other accounts.
- 38% trust it to give financial advice.
- 32% trust it to keep bank account information safe.
- 31% trust it to provide retirement planning services.
Artificial intelligence can be useful in payment processing — at least for merchants and vendors. As the Checkout.com website noted, AI can help streamline operations, minimize errors and boost efficiency. It is also an effective tool in minimizing “false declines,” the term for when an online shopper makes a legitimate purchase using a valid credit card but the purchase is declined when it should have been approved.
But there are risks as well, and the biggest have to do with fraud. For example, AI can be used to create spam emails and fake websites at a larger scale, according to Checkout.com. This could increase the risk of fraud for those who use AI to make payments.
AI also makes it easier for fraudsters to impersonate speech patterns and language, which increases the risk that consumers will send money to the wrong person.
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