24.01.2024Technology

How Generative AI will power fraud in 2024, and what you can do about it

Whether it's the potential for “superhuman persuasion” or removing the need for anyone to work again, AI continues to capture the imagination and concern of entrepreneurs, the press, and regulators across the world.

Fourthline Forrester TEI thumbnailBy The Fourthline Team
Generative AI fraud

But for many banks and fintechs, there is a much more urgent risk posed by the rapid adoption of Generative AI: the potential for it to be used for fraud. This is a serious, time sensitive challenge. And this new wave of fraud is already upon us. A recent survey shows that 68% of consumers noticed an increase in the frequency of spam and scams from November 2022, around when Generative AI tools began to be adopted at scale. And driven by sophisticated AI attacks, global losses from online payment fraud are projected to jump from $38 billion in 2023 to $91 billion in 2028.

With Generative AI (GenAI), criminals have a weapon of mass destruction, which is set to power up over 2024. In this post, we will explore some of the ways it is (already) being leveraged for increasingly sophisticated fraud attempts. We’ll look at how it is evolving and what you can do to get ahead of it.

GenAI is accelerating fraud in two key ways: sophistication and scale