Collaboration between criminals is rising, with blockchain currently the biggest area of cybercrime.
‘It is a parallel world,’ said Professor Philip Treleaven from University College London, who was talking about AI and its implications for cybercrime at the recent AI and Finance conference, jointly hosted by the GFSC and Guernsey Finance.
‘The biggest problem is awareness.’
All the AI research going forward has ‘humans-in-the-loop’, he said. One example given was a legal document – by combining humans and algorithms, AI can initially pick up the risks before a human gets involved, which helps in productivity in areas such as compliance.
Setting up a slick fintech policy along with encouraging investment, could make Guernsey the ‘go to’ place for start ups.
‘As a small country, Guernsey can be agile to explore tech and it could make it wealthy,’ said Professor Treleaven.