A Brief History of Artificial Intelligence… And How Its Transforming Fraud Prevention
Artificial intelligence is not something new. In fact, Ai has been around for over 80 years now. But as the decades have passed, Ai has truly blossomed, offering incredible solutions for almost all business processes.
But for the banking and credit union industry, Ai has become truly transformative. One Ai in particular, RembrandtAi™, has emerged as perhaps the single most important tool for detecting and potentially eliminating transactional bank frauds.
Here’s a Brief History of Ai…
And What RembrandtAi™ Could Do For You
- German “Enigma” machine.
- 1950, Alan Turing created the Turing Test. It was designed to see if humans could detect whether or not they were talking to a machine.
- 1951: The earliest successful Ai program was written by Christopher Strachey.
- 1958: John McCarthy created the Lisp computer language, the standard Ai programming language.
- 1961: the first industrial robot called “Unimate” was created by George Devol. Among the very first Robotic Process Automation (RPA) tools.
- 1964: The first chatbot, “Eliza” was created in the Artificial Intelligence Laboratory at MIT.
- 1965: Edward Feigenbaum introduced “Expert systems.” The first truly successful form of Ai software.
- 1969: The first general purpose mobile robot was created.
- 1995: Richard Wallace created the chatbot “Alice” using natural language processing.
- 1997: IBM’s Deep Blue Ai computer beat Gary Kasparov in a chess match.
It took nearly 60 years of Ai development for a computer to be able to beat a human chess master at his own game. But since the match between Deep Blue and Kasparov, Ai technology has accelerated at a parabolic rate.
- 2008: The voice recognition technology called Siri was created.
- 2011: IBM created “Watson” a question-and-answer computer system capable of answering questions in natural language.
- 2014: Amazon introduced “Alexa.”
- 2014: A a chatbot called “Eugene Goostman” became the first Ai program to pass the Turing Test.
- 2015: OpenAi, the creator of ChatGPT, is founded
- 2021: RembrandtAi™, developed by ToolCASE, helps a 16 location Credit Union in Florida reduce fraudulent transactions by 97%!
“In the past year alone, we’ve prevented possible losses to the Credit Union of over $1.8 million in fraud, this has also minimized member impact. Our team, heavily supported by the real-time RembrandtAi™ capabilities… reduced fraud dollar losses from branch and digital banking activity as well as debit card activity….
“RembrandtAi™ allows us to stop fraud from continuing once it has started. Our Board of Directors and members couldn’t be happier with the results and, of course, our P&L shows the bottom-line impact as well.”
See How Quickly RembrandtAi™ Can Help Transform
Your Institution’s Bottom Line
