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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. Romance fraud: Deepfake images and videos help fraudsters create convincing personas to manipulate victims emotionally and financially.
As financial institutions navigate a rapidly digitizing landscape, the rise of AI-generated deepfakes is no longer a fringe concern—it’s a growing enterprise risk.
1) AI-driven fraud and deepfakes Fraudsters are increasingly leveraging Artificial Intelligence (AI) to conduct highly convincing scams. These sophisticated attacks are designed to deceive even the most cautious businesses and consumers, from AI-generated phishing emails to deepfake videos and voice impersonations.
The panellists described a troubling evolution: traditional scams being supercharged by artificial intelligence. “Real-time deepfakes have moved beyond theoretical concerns,” explained David Sutton, chief innovation officer at Featurespace. Beyond high-profile cases, criminals are using AI more subtly to scale up operations. .
From the challenge of AI-powered deepfakes to the sad fact that many of our own bad habits continue to keep fraudsters in business, fintechs are busy developing solutions to help us get and stay at least one step ahead of the bad guys. The battle against fraud is a never-ending one. “Identity verification isn’t a one-time event.
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