“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: Brandon McGee
IBM Study: Banking and Financial Markets CEOs are betting on generative AI to stay competitive, yet workforce and culture challenges persist
Banks See Risk in Dependence on Big Tech’s AI Capabilities
“The concern is that problems at a single cloud computing company could potentially disrupt services across multiple financial institutions, per the report. Moving data into the cloud is expected to become more complex as the adoption of AI and computing power increases, requiring banks to notify regulators.” https://www.pymnts.com/news/banking/2024/banks-see-risk-in-dependence-on-big-techs-ai-capabilities/