FRAUD & ID VERIFICATION
“ AI is intensifying challenges around fraud mitigation ,” comments Andy Cease , Director of Product Marketing at Entrust . “ Bad actors can now leverage deep fakes and synthetic identities to impersonate people and bypass verification checks to open fraudulent accounts or break into existing ones . The sophistication of today ’ s AI system means average hackers can now execute attacks once only possible for highly-skilled cyber criminals .
“ The scalability of AI also expands the number of potential targets , making it more difficult than ever for businesses and financial institutions to protect against fraud .”
Gen AI : Enabling the fight against fraud Gen AI might be assisting scammers , but , on the flip side , it is also arming organisations with more intelligent tools to assist them in detecting and combatting fraud .
Thanks to Gen AI ’ s ability to continuously learn and evolve , enterprises large and small will find themselves in a position where their approach to fraud prevention can be far more proactive than reactive .
“ It ’ s vital those in the insurance , banking and fintech industries work together to stay one step ahead of fraudsters ,” says Sara Costantini , Regional Director for the UK and Ireland at CRIF , a leading provider
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