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Dan Yerushalmi , CEO of AU10TIX “FaaS has elevated cybercrime, enabling a whole cohort of the population to join in on global fraud by launching large-scale attacks involving up to over 8,000 incidents,” explained Dan Yerushalmi , CEO of AU10TIX.
According to a recent report by the National Crime Agency (NCA), GenAI represents one of the most substantial threats to the fraud landscape today. 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.
The financial sector is facing an unprecedented surge in AI-driven fraud, with deepfake-related attacks increasing by a staggering 2,137% over the past three years. of all fraud attempts detected in the financial sector now involve AI-generated forgeries, with deepfakes leading the charge.
According to the Payment Systems Regulator (PSR) , the volume of APP fraud cases rose by 12% last year. This increase was driven by fraudsters leveraging sophisticated techniques, such as fraud networks, phishing scams and AI-generated deepfakes, to trick victims into authorising payments.
Fraudsters are leveraging artificial intelligence (AI) tools like voice cloning and deepfakes to create highly convincing fake audio or video messages to deceive victims into transferring money or revealing sensitive information. How do the Latin American AI and anti-fraud sectors compare to that of the rest of the world?
These advancements have changed the way we approach cybersecurity and frauddetection. AI’s capabilities, like machine learning algorithms, are being trained to identify and exploit vulnerabilities, automate phishing attacks and bypass traditional security measures. Learn More Sources : 1.
First is an expected uptick in utilising AI for more complex processes, like data analysis and frauddetection. “With new technology, however, comes elevated risks, which will lead financial institutions to adapt their strategies to counter these issues such as new types of fraud, deepfakes and advanced phishing schemes.
Historically, companies have resorted to a patchwork of point solutions and variegated tools across a fraud-fighting tech stack, leading to fragmented data and operational inefficiencies from switching from one solution to the subsequent and obfuscated risk views.
Other AI applications include enhancements to traditional scams, such as phishing and social engineering attacks. Real-Time Insights through AI To combat AI-generated fraud, organizations must assume a multifaceted approach integrating the same advanced technologies bad actors use to deploy attacks quickly and scale.
As payment systems become more digitised and interconnected, the attack surface expands, and the stakes for payments firms to invest in robust, AI-driven frauddetection and prevention systems have never been higher. fingerprints, facial recognition), and behavioural biometrics (e.g., keystroke dynamics or mouse movements).
Within wider AI-driven topics frauddetection was an interesting one, in the session Dealing with AI, Fighting on both sides of Financial Fraud, experts discussed the dual role of AI, both as a weapon for fraudsters and a defence mechanism for financial institutions. Her words landed with weight.
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