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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.
In 2024, fraudsters increasingly used artificial intelligence (AI) , deepfaketechnology, 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.
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.
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.
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. “Deepfaketechnology has emerged as both a marvel and a menace,” continued Miyachi.
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.”.
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.
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. The human element Despite technological advances, human expertise remains irreplaceable.
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.
Consider: Political-bot armies or fake user “sock puppets” are targeting social news feeds to computationally spread propaganda. Online, the line between truth and falsehood is looking fragile as AI researchers develop technologies that can make undetectable fake audio and video. Source: Oxford University.
Agentic AI solutions provider for community banks and credit unions, interface.ai , has introduced a pair of new tools to help fight deepfake fraud. interface.ai’s device biometrics solution uses device-based fingerprint and facial recognition technology to authenticate users over voice and chat AI. CEO Srinivas Njay said.
Findings suggest fintechs are leveraging AI to compete with incumbents, particularly in CFO software and Wall Street tech, where the technology is driving data reconciliation, generative AI, and predictive insights. Today, that changes.” ” said Dan Yerushalmi , CEO of AU10TIX. ” said Dan Yerushalmi , CEO of AU10TIX.
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