The Escalation of Online Financial Deceptions Through AI

The digital age has ushered in a significant increase in fraudulent activities, where fraudsters create false identities to swindle money from either financial bodies or their clientele. Experts anticipate that these criminal acts will become more rampant as artificial intelligence (AI) technology becomes more widespread.

A recent examination of opinions from 500 individuals specialising in fraud and risk within the financial sector, as initially reported by ABC News, highlights a profound concern over the escalating issue of fictitious online entities. The worry centres around whether the current technological measures for security and identity verification utilised by banks and credit service providers can effectively counteract this trend.