By Mariano Rey, Head of IT Cyber and Fraud Risk — PagoNxt, and Paula del Pino, Global Data Protection Officer — PagoNxt
Generative artificial intelligence tools like ChatGPT pose risks to privacy, individual rights, fraud, scams, and disinformation, but these tools can be used responsibly and securely. Find below the recommendations on best practices from PagoNxt’s Risks and Compliance teams.
The widespread use of generative artificial intelligence tools such as ChatGPT is sparking new debates about the benefits of its use and the risks it may entail. Does it pose a risk or, on the contrary, help to improve companies’ security environments?
This generative artificial intelligence technology has become increasingly popular since its launch in November of last year by OpenAI. Despite the benefits it offers, it also poses new risks, with privacy and individual rights being among the most important.
Privacy risks arise because these tools are trained on vast amounts of data, including personal data shared by its users. It is not clear how this personal data is processed, under which lawful basis, who it is shared with, and how individuals can effectively exercise their rights. Imagine sharing personal information that is then used by the tool to prepare other texts. Is it possible to effectively delete the data? Or to know with whom that data is being shared?
Individual rights are also at risk due to the potential for bias and discrimination that may occur.
Data protection authorities worldwide, such as the Spanish AEPD, the Italian Garante, the French CNIL, and the South American RIPD, are currently analyzing all these concerns and more.
Other main risks of these tools include fraud and scams, such as phishing. ChatGPT can generate fake messages to persuade users to reveal sensitive information or click on malicious links to steal credentials or infect systems with malware, including all kinds of malicious code such as viruses, Trojans, malware, ransomware, or spyware. Impersonation or social engineering attacks are also on the agenda, as attackers can use language patterns to mimic how a specific user speaks to incite other users to perform malicious actions or obtain confidential information.
Disinformation can also be considered another significant risk of these tools, as they can influence public opinion through fake news.
PagoNxt Risks and Compliance teams are working to address the risks that these new tools generate and sharing best practices and recommendations with the organization so that PagoNxt may benefit from the advantages of using them while minimizing the risks.
To this end, using ChatGPT responsibly and securely is essential, always following internal recommendations and asking your local R\&C team if you have any doubts before using it. Also, remember that sharing any personal information you may access or process while doing your job with these tools is forbidden.
If you want to use it privately, we strongly recommend not sharing your personal data. If you must share it, be mindful and try to share as little as possible and on a strict need-to-know basis. Also, remember to read the privacy notice before doing so.
Discover how our Payments Hub platform can help any financial institution manage its payments
Get in touchPagoNxt Payments has achieved a significant milestone by receiving a prestigious award from The Banker for its outstanding innovation in payment solutions. This recognition highlights our dedication to advancing the payments landscape and meeting the dynamic needs of financial institutions globally.
In today’s fast-paced financial environment, staying ahead of regulatory changes isn’t just important—it’s essential. As the Single Euro Payments Area (SEPA) introduces a series of new regulations, financial institutions across Europe must be prepared to adapt. These changes, aimed at increasing transparency,security, and efficiency in cross-border payments, will have far-reaching impacts on your operations. Here's what your institution needs to know to not just comply, but thrive under the new SEPA framework.
Have you ever wanted to become a part of PagoNxt’s team? Below you can find out what we look for in our interviews.
As we gear up to launch our #weareWow campaign from March 4th to 8th, we’re excited to spotlight the incredible achievements of women in the tech industry. Let’s celebrate them while recognizing the power of diversity and unity to drive innovation forward:
#WeCareForPrivacy, but Let’s Embrace a Dash of Adventure! At PagoNxt, our dedication to privacy is paramount. However, in the playful spirit of Privacy Week, we challenged our experts to reveal the exact steps one might take to invite a touch of privacy invasion. ⚠️ But, here is a friendly reminder: we don’t recommend you to follow these unless you aspire to become an oversharing maestro, ok?
We’re excited to announce that PagoNxt has joined The Payments Association in the UK, a step forward in our journey of expansion and collaboration. This move not only broadens our industry reach but also presents new opportunities for PagoNxt to contribute to the payments landscape.
PagoNxt Payments, a company within the Santander Group, has achieved a major milestone with its innovative product, Payments Hub.