“A report from Deloitte predicts that banks could take a big hit from fraudsters using deepfakes, voice cloning, and other hyperrealistic AI content to scam banks out of money. The consultancy predicts that generative AI could enable losses from fraud to reach $40 billion in 2027—up from $12.3 billion in 2023—a compound annual growth rate of 32%.”…
Tag: ai fraud detection
Banks face the twin-edged sword of generative AI
“Security is a paramount concern of customers, according to a survey of 1,000 consumers in September for BAI Outlook Banking Outlook: 2024 Trends. When asked to list the top ways banks and credit unions can help them manage their money more effectively, consumers cited ‘provide better fraud and identity theft protection’ as their number-one priority. The…
Mastercard jumps into generative AI race with model it says can boost fraud detection by up to 300%
“Mastercard’s proprietary algorithm is trained on data from the roughly 125 billion transactions that go through the company’s card network annually. Bhalla said the new transaction decisioning technology from Mastercard can help financial institutions improve their fraud detection rates by 20%, on average. In some cases, though, the model has led to improvements in fraud…
AWS Exec: Generative AI can create a flywheel effect for business growth
“Cybersecurity is a good example to illustrate the flywheel potential of LLMs for other enterprises, Wood said. Let’s say you start to experience a set of threats emerging in your application. These threats have subtle signals, because they’re split across multiple services and architectures. But just in a few places, you just start to see…