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.