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The growing threat of AI-enabled fraud

Neopay

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.

AI
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Credit Card Fraud Statistics in 2024 for USA

Clearly Payments

In 2024, fraudsters increasingly used artificial intelligence (AI) , deepfake technology, and synthetic identities to bypass traditional fraud controls. AI-powered fraud: Visa reported a 200% increase in blocked attacks during Cyber Monday and Black Friday 2024, driven by AI-enabled bots.

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AI x Payments: From Fraud Detection to Hyperpersonalised Checkout

Finextra

Behavioural biometrics distinguish real users from bots or synthetic identities. From voice cloning to deepfake merchant scams, the threat landscape is evolving. It spots anomalies before a threat becomes a breach. Predictive analytics identify emerging fraud patterns. Machine learning models adapt on the fly.

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Automated Bot Attacks Surge on Social Media in 2024, AU10TIX Reveals

The Fintech Times

Automated bot attacks on social media surged dramatically in the second quarter of 2024, according to AU10TIX ’s latest Global Identity Fraud Report. This rise highlights growing concerns about the ability of social media platforms to detect and combat organised fraud, particularly as bots become more sophisticated.

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Deepfake Disruption in Financial Services

Trade Credit & Liquidity Management

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. “Deepfake technology has emerged as both a marvel and a menace,” continued Miyachi.

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Deepfakes’ Next Stop: Banking

PYMNTS

The rise of deepfakes — the eerily lifelike impersonations that superimpose heads onto bodies and bodies onto heads in seamless ways that integrate speech and movement, where nothing is as it seems — may be good for a laugh. But the technology is already extremely solid. It’s like a Hollywood special effect.”.

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Sumsub Combats Fraud Networks in APAC With Upgraded Solution

Fintech News

This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks. To counter these threats, Sumsub has upgraded its Fraud Prevention Solution with advanced anti-fraud technologies. The damage of fraud rings is much more significant than that of individual scammers.