Anti-fraud professionals warn of continuing rise in AI-powered fraud techniques
A cross-industry survey of anti-fraud professionals found that 77% of respondents reported an acceleration in deepfake social engineering over the past 24 months; and that 28% of respondents expect a moderate increase in such schemes in the next two years, while the majority, at 55%, expect a significant increase in such schemes in the next two years.
The survey was undertaken by anti-fraud training and certification organisation the Association of Certified Fraud Examiners (ACFE) and data sciences and analytics company SAS.
These responses signal a rapid rise in AI-fuelled fraud that is escalating risks for industry and the public.
“AI has become one of the most powerful tools in business and one of its most potent threats. Awareness is our best defence as new risks continue to evolve,” says ACFE president John Gill.
“Educating professionals, equipping government and industry and empowering the public to recognise the AI-guided threats proliferating unseen is vital to maintaining trust and building confidence for what lies ahead,” he says.
AI is blurring the boundary between truth and imitation, with untold billions at stake, says SAS risk, fraud and compliance solutions senior VP Stu Bradley.
“Even as AI drives seemingly limitless progress, it tests the very limits of truth itself. AI has changed the rules of deception. What once took a skilled fraudster hours or days now takes a model seconds to do.
“Across sectors, AI is reshaping the scale and sophistication of fraud, as well as the tools and strategies required to stop it.
“We must educate the public about what is at stake, and ready government and industry to face AI-charged fraud at a time when fewer than one in ten anti-fraud professionals feel well prepared, according to our recent survey of ACFE members,” he notes.
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