The Payments Association

DECEMBER 10, 2024

Understanding AI-enabled fraud As fraudsters invest in more sophisticated technology, including deepfakes, synthetic identities and automated phishing, the need for payments firms to adopt better AI-driven fraud detection systems grows. fingerprints, facial recognition), and behavioural biometrics (e.g.,

AI 88

AI Fraud Detection Fraud Prevention Deepfake 88

The Payments Association

OCTOBER 22, 2024

This increase was driven by fraudsters leveraging sophisticated techniques, such as fraud networks, phishing scams and AI-generated deepfakes, to trick victims into authorising payments. While fraudsters use it to create deepfakes and manipulate unsuspecting victims, financial institutions can also harness AI to combat these threats.

Rules 88

Rules Fraud Prevention Caps Deepfake 88

The Payments Association

APRIL 7, 2025

AI is being used to hack people, tricking them into transferring money to criminals. The existing technical mechanisms, like MFA and biometrics, will not be able to prevent this type of fraud. Other prominent challenges include anti-money laundering (36.42%), data sharing quality and governance (33.77%), and regulatory issues (31.13%).

Financial Crimes 88

Financial Crimes Crime Fraud Prevention AML 88