The fight against fraud is evolving into a digital arms race, where both criminals and financial institutions (FIs) are leveraging artificial intelligence in attempts to outmanoeuvre one another.
Fraudsters are using generative AI (GenAI) to create scams that are increasingly challenging to detect and disprove, while anti-fraud teams are deploying AI-powered solutions of their own to sniff out and prevent these threats.
In this escalating battle, FIs must adopt the tools of the enemy to stay ahead.
The rise of GenAI has transformed fraud from a game of pure deception into one of adaptation and counter-adaptation. Fraudsters are no longer limited to traditional scams – they can now generate highly realistic fake documents, clone voices, and even create convincing deepfake videos to exploit FIs and their customers.
This escalation could have presented a near insurmountable challenge, but (regrettably for the scammers), the disruptive potential of AI cuts both ways. Today, information security...