Financial institutions’ increased use of artificial intelligence (AI) creates opportunities for efficiency and productivity gains. But along with those gains comes increased fraud risks. The power of AI allows criminals to create lifelike identities which technology struggles to identify. Financial institutions are struggling in finding solutions for AI fraud due to the rapidly evolving technology. The first step in identifying fraud is analyzing online activity patterns of groups and individuals. But experts note that one step is not sufficient to identify and mitigate AI fraud. Ari Jacoby, CEO of Deduce and AI fraud expert states, “By layering solutions, utilizing massive data sets to identify patterns, and more accurately analyzing trust scores, this type of fraud can be better mitigated.”
https://cointelegraph.com/news/financial-institutions-rising-threat-sophisticated-ai-fraud