| |MAY 202319CIOReviewApplying digital twins to model people's behavior can cause discrepancies in its results as human behavior is dynamic. In the banking sector, this problem arises when dealing with fraud. When a fraudster cheats, the digital twin can track the activity without delay. But once spotted, they can immediately retreat, adapt to the situation, and adopt another channel to commit fraud again. Therefore, the digital twin models need to adapt continuously. Can you share an instance about the usefulness the applicability of digital twins?Since I am heading the AI CoE of Union Bank of the Philippines, fraud can be a good example. Let me elaborate on the problem and the way we combat it. During the pandemic lockdown, the Philippines experienced a 200% rise in phishing scams. Filipinos have a very active social media lifestyle, making them easy prey for scammers. For example, a phisher caught a feel of our communication processes, imitating it. The victims believe they are dealing with a legitimate party. Through SMSs and emails inducing excitement or panic, victims click on the malicious links and enter their credentials which are later misused.We use digital twins in two ways to combat this fraud - phishing prevention and phishing detection. Phishing prevention uses AI algorithms and the digital twin to identify the customer demographics most vulnerable to phishing. With this knowledge, we can personalize communication and be proactive with our antiphishing campaign. Phishing detection uses digital twins and AI to design and train a model that detects the legitimacy of ongoing transactions. One benefit of using digital twins is that we can simulate different scenarios and trade-offs since we can choose accurate outcomes before deploying them. Different strategies will have a positive and negative impact on it. For instance, a digital twin with 80% accuracy will help us reach more customers who became victims of phishing attacks. On the other hand, 20% inaccuracy will lead us to call customers whose transaction was legit. Risking their irritation is the trade-off for deploying the phishing prevention campaign. What advice would you give to the people venturing into AI and digital twins?I would advise them to grasp the problem they want to solve using the digital twins. It is also crucial for them to understand the space they operate in and the kind of representation they want to provide for equipment. For a holistic presentation, one should have good quality data that includes all the real-world situations they want to solve. If not, they will have to return to the drawing board to discuss where to get more data to get a more accurate description to mirror the real-world scenario.
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