IS PROTECTING
AGAINST FRAUD
MORE CHALLENGING THAN EVER ?
The emergence of generative AI means fraudsters are creating fake identities , cloning voices and carrying out illicit activities at a faster pace than ever
WRITTEN BY : TOM CHAPMAN
Needless to say , the fraud landscape is changing at an alarming rate . In this increasingly digital age , cybercriminals are utilising the very latest technological capabilities to target both companies and consumers with astonishingly sophisticated scams , from fraudulent data generation to social engineering and phishing .
Generative AI ( Gen AI ) has , inevitably , become a crucial weapon in the modernday fraudster ’ s armoury , making it far simpler to create fake identities , clone voices and carry out illicit activities at a faster pace than ever before .
As one might expect , all this means fraud is growing at a relentless rate .
In 2022 , the Association of Certified Fraud Examiners ( ACFE ) discovered around 5 % of corporate revenue is being lost to fraud across the globe every year . That equates to an eye-watering US $ 4.7tn .
Meanwhile , in Kroll ’ s 2023 Fraud and Financial Crime Report , seven in 10 surveyed executives and risk professionals said they expected financial crime risks to increase in the coming months , with cybersecurity and data breaches being the primary drivers , followed by financial pressures on organisations .
86 February 2024