From Washington D.C.

Rebeca Romero Rainey
President and CEO, ICBA

AI: A Cautionary Tale of Opportunity  

If you read my column last month, you know that I see a lot of potential for artificial intelligence (AI) to support community banks in efficiencies and new solutions. But AI also brings with it the power for fraudsters to inflict greater harm.

Each day, news items point to deepfakes and scams preying on people’s fears with realistic voices and images, and while we’re battling a resurgence in “old school” check fraud, we’re also working to circumvent these more sophisticated digital attacks.  

That’s why preparedness is key. Recently, ICBA released the Community Banker AI Security Readiness Guide to assess the AI threat shift, what it means for local institutions, and how to strengthen third-party due diligence, update and test incident response plans, and more. This guide helps community banks address emerging threats proactively, so you can shore up defenses. 

As with any fraud, information sharing between community bankers will be critical to thwarting attacks. ICBA convened an AI Task Force for this very reason. Working together, the task force has a goal of providing practical guidance for community bankers in mitigating AI-related risks and will continue to publish resources that speak to the threat environment. 

In addition, ICBA Community (community.icba.org) offers a platform for sharing information, helping community bankers alert one another to emerging issues as they arise.  

But addressing AI fraud will require more than what we do as individual bankers; it will take policies that understand and speak to what we face. To that end, ICBA continues to advocate for balanced AI policies. For instance, we led development of a Joint AI Action Plan that urges immediate federal action to prepare for a new era of AI-enabled cybersecurity risk. We also submitted a statement for the record for a Senate Banking Committee hearing urging senators to recognize the critical role community banks play as new AI policies are created. And we will continue to work to ensure legislators understand the effects AI fraud will have on our customers and communities.  

While it brings with it much potential, AI is a cautionary tale of the double-edged sword of technology. Fortunately for community bankers, we benefit from this community of community bankers who look out for one another. There is strength in that connectedness, ensuring we have the opportunity to both address the threats that lie ahead and apply AI technologies to support the future of community banking.  

Where I’ll Be This Month 

I’ll be in the Washington, D.C., metro area, where we will be hosting fall leadership meetings. We’re looking forward to welcoming volunteer bankers from across the country.