Money Scams: Deepfakes, AI Will Drive $10 Trillion in Financial Fraud and Crime
Aug 22, 2023 - bloomberg.com
The article discusses the rise of deepfake imposter scams, which are contributing to a new wave of fraud. Techniques such as computer-generated voices and masks created from social media photos are being used to deceive consumers and penetrate secure systems. The increase in scam technology, particularly the use of artificial intelligence, has raised concerns among regulators, law enforcement, and the financial industry.
US Federal Trade Commission Chair, Lina Khan, has warned that AI is being used to "turbocharge" fraud and has called for increased vigilance from law enforcement. The world's banking industry is scrambling to contain the risk posed by these advanced fraudulent techniques.
Key takeaways:
Artificial intelligence is being used to create realistic scams, such as computer-generated children's voices and masks created from social media photos.
These scams are so sophisticated they can fool parents and penetrate systems protected by face ID.
The proliferation of this scam technology has alarmed regulators, police, and the financial industry.
US Federal Trade Commission Chair Lina Khan has warned that AI is being used to "turbocharge" fraud and has called for increased vigilance from law enforcement.
