“AI is quickly transforming how scammers operate, as even cautious consumers are falling victim to increasingly sophisticated fraud schemes. Cyber fraud drove record losses of $16.6 billion in 2024, up 33% from 2023, and experts are ringing the alarm bells—anything to get our attention about the pervasive frauds coming through our phones and inboxes.” Read…
Tag: ai fraud
Banks could lose billions to AI scammers, Deloitte predicts
“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%.”…
GenAI could make KYC effectively useless
“Viral posts on X (formerly Twitter) and Reddit show how, leveraging open source and off-the-shelf software, an attacker could download a selfie of a person, edit it with generative AI tools and use the manipulated ID image to pass a KYC test. There’s no evidence that GenAI tools have been used to fool a real…
This Technique Uses AI to Fool Other AIs
“Jin and colleagues devised an algorithm called TextFooler capable of deceiving an AI system without changing the meaning of a piece of text. The algorithm uses AI to suggest which words should be converted into synonyms to fool a machine. This caused the algorithm to classify the review as “positive,” instead of “negative.” The demonstration…
Passwordless Authentication: The next breakthrough in secure digital transformation
“Cybercrime is set to cost the global economy $2.9 million every minute in 2020 and some 80% of these attacks are password-related. For larger businesses, it is estimated that nearly 50% of IT help desk costs are allocated to password resets, with average annual spend for companies now at over $1 million for staffing alone….