Remove Deepfake Remove Fraud Detection Remove Phishing
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Identity Fraud Attacks on Social Media Rose by 27% in 2024 Alone, Reveals AU10TIX

The Fintech Times

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.

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The growing threat of AI-enabled fraud

Neopay

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.

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Deepfake fraud has increased by 2,137% over the last 3 years

Neopay

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.

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The PSR’s new fraud refund rules: A step forward, but is it enough?

The Payments Association

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.

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Em Conversa: Fighting AI Fraud With AI With Lynx Tech

The Fintech Times

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?

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Balancing AI’s Benefits and Threats Across Fraud and Cybersecurity

Seon

These advancements have changed the way we approach cybersecurity and fraud detection. 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.

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Payments 2024: Predictions With Brightwell, 40Seas, Wink, ConnectPay, Swipesum, Paystrax

The Fintech Times

First is an expected uptick in utilising AI for more complex processes, like data analysis and fraud detection. “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.