Reported 3 days ago
Artificial intelligence is intensifying the landscape of financial fraud, making scams more sophisticated and harder to detect. With a staggering 80% increase in fraud attempts over three years and AI accounting for 42% of these attempts, only 22% of firms have implemented AI defenses. Common tactics include synthetic identity fraud and deepfakes, which challenge traditional security measures. As fraudsters adopt new technologies, financial institutions are also enhancing their defenses through machine learning and customer education to better combat this evolving threat.
Source: YAHOO