Advancements in AI Reshape Law and Financial Security
Recent developments in artificial intelligence (AI) are revolutionizing both the legal and financial sectors, paving the way for more efficient practices and heightened security measures. From patent law to cybersecurity, industry leaders are harnessing the power of AI to enhance their operations and safeguard against emerging threats.
AI’s Impact on Patent Law
Munger, Tolles & Olson, a prominent law firm, recently highlighted the implications of AI on patent law through an insightful article published by attorneys Zach Briers and Nate Sussman. Their piece, titled ‘Patentability and ordinary skill in the age of AI,’ discusses how advancements in AI could raise the bar for ‘non-obviousness’ in patent applications.
The authors emphasize that industry stakeholders must prepare for the potential legal ramifications of AI assistance in innovation, noting that the application of ‘secondary’ considerations during patent assessments will become increasingly necessary. With AI playing a role in shaping legal standards, Briers and Sussman argue that those in patent-reliant industries must adapt to these shifts.
Briers serves as co-chair of the patent practice at Munger, Tolles & Olson, while Sussman leads the firm’s Generative AI Task Force, underscoring their expertise in navigating this evolving landscape.
Enhancing Financial Security with AI
In a parallel development, Visa has unveiled its AI-based fraud prevention platform known as Aric Risk Hub. Designed to combat financial fraud, this innovative tool utilizes adaptive AI to analyze customer behavior and identify suspicious activities in real-time.
The implementation of Aric Risk Hub at Eika Gruppen, a coalition of 46 banks in Norway, has reportedly resulted in a remarkable 90% reduction in phishing losses between 2023 and 2024. By establishing a behavioral baseline for users, the technology effectively minimizes false positives, allowing for more accurate detection of potential fraud.
Tareq Muhmood, Visa’s head of value-added services in Europe, stated: ‘We have been using AI for over 30 years to fight fraud, and now by integrating behavioral data with Aric’s cutting-edge technology, we will further help our clients to stay ahead of emerging threats.’
A Future Driven by AI
As AI continues to prove its value across various sectors, the legal and financial industries are witnessing significant transformations. The potential benefits of these advancements highlight the need for ongoing adaptation and responsiveness to change.
For further details on the implications of AI in patent law, you can read the full article here. Additionally, information on Visa’s new AI tool can be found at Finextra.
