The powerful Spanish bank CaixaBank is conducting a pilot test of fraud prevention using artificial intelligence in a real environment. The bank is notably associated with Thalès.
Funding of 2.5 million euros via 10 consortia
The pilot case is developed as part of CaixaBank’s participation in a European research consortium to explore new ways to fight cyber attacks through artificial intelligence. CaixaBank states that it has participated in ten consortia in Europe in recent years and has received funding of 2.5 million euros for technological innovation and cyber security.
The bank represents 20 million customers, 44,500 employees and 4,400 branches in Spain. CaixaBank wants to be a leader in R&D in the financial sector, particularly in terms of information security. The bank considers that being part of international consortiums makes it possible to better coordinate the continuous improvement of its cyber security environment as well as that of the financial sector in general. CaixaBank emphasizes that cyber security is a priority.
CaixaBank works with eleven international entities. It is a European research consortium to explore ways to improve cybersecurity by leveraging artificial intelligence and big data. The project, AI4CYBER, is part of the Horizon Europe program for research and innovation, funded by the European Union.
The developments of the AI4CYBER consortium are tested at CaixaBank
Thanks to the participation of CaixaBank, the developments of AI4CYBER will be tested in a real environment of a financial institution. This will allow participants to study the benefits of new solutions in terms of incident response time and to improve behavioral anomaly detection models.
Over the next three years, CaixaBank is associated with Thales, Tecnalia, the project coordination committee, University of Western Macedonia, Frontedart, Public Power Corporation, ITTI, Hospital do Espírito Santo de Évora, to Montimage, Search-Lab, the European Organization for Security and PDMFC to study new ways to address cyber security challenges, focusing on the opportunities and risks of artificial intelligence.
The main objective of the AI4CYBER consortium is to design new cyber security services to help understand, detect and analyze cyber attacks, as well as to prepare critical systems to resist them. Its results will aim to help system developers and operators to effectively manage security, resiliency, including adapting to adverse situations with positive outcomes, and dynamic response to advanced cyber attacks.
Horizon Europe has 95.5 billion euros from 2021 to 2027
In addition to this consortium, CaixaBank is pleased to have participated in other European projects that are part of the Horizon 2020 program, with nearly €80 billion in EU funding over seven years, from 2014 to 2020. The European Commission’s current funding framework for research and innovation, Horizon Europe, has €95.51 billion available for the period 2021 to 2027, and its aim is to ensure that Europe produces high quality science level and removes barriers to innovation.
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Spanish bank CaixaBank tests artificial intelligence against fraud
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