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Automated Bot Attacks Surge on Social Media in 2024, AU10TIX Reveals

The Fintech Times

Automated bot attacks on social media surged dramatically in the second quarter of 2024, according to AU10TIX ’s latest Global Identity Fraud Report. This rise highlights growing concerns about the ability of social media platforms to detect and combat organised fraud, particularly as bots become more sophisticated.

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The growing threat of AI-enabled fraud

Neopay

Fraudsters are exploiting GenAI tools such as large language models (LLMs), voice cloning, and deepfakes to carry out increasingly sophisticated scams that are harder to detect and prevent. Romance fraud: Deepfake images and videos help fraudsters create convincing personas to manipulate victims emotionally and financially.

AI 59
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Deepfakes’ Next Stop: Banking

PYMNTS

The rise of deepfakes — the eerily lifelike impersonations that superimpose heads onto bodies and bodies onto heads in seamless ways that integrate speech and movement, where nothing is as it seems — may be good for a laugh. From Arnold Schwarzenegger, to Kim Kardashian, to maybe, just maybe: You. It’s like a Hollywood special effect.”.

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Sumsub Combats Fraud Networks in APAC With Upgraded Solution

Fintech News

This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks. Fraud networks, however small they may seem right now, will gain prominence, just like AI-powered deepfakes. The damage of fraud rings is much more significant than that of individual scammers.

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3 Ways Fintechs are Helping Financial Institutions Fight Fraud

Finovate

From the challenge of AI-powered deepfakes to the sad fact that many of our own bad habits continue to keep fraudsters in business, fintechs are busy developing solutions to help us get and stay at least one step ahead of the bad guys. The battle against fraud is a never-ending one. “Identity verification isn’t a one-time event.

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interface.ai: Fighting Deepfakes, Training Bots, and Raising Capital

Finovate

Agentic AI solutions provider for community banks and credit unions, interface.ai , has introduced a pair of new tools to help fight deepfake fraud. also unveiled a new, proprietary GenAI capability that enhances the speed of training highly capable AI-powered bots. ” interface.ai ” interface.ai was founded in 2019.

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Announced at Money20/20 USA 2024: News Roundup from Las Vegas

The Fintech Times

New methods such as synthetic selfies and bots are bypassing traditional security measures, particularly targeting social media and payment platforms. Our goal is to help businesses stay ahead of threats like deepfakes and ensure that legitimate users can securely access services without added complexity.”