If one new AI ability after the other enters the mainstream, it is tempting to give everyone the same fleeting consideration. But some earn more attention than others.
Consider AI Deepfakes. Fraudsters can now use generative AI tools to create voices or even create live videoofakes that sound like certain people or how certain people request appearance and money transfers. Therefore, there is a “considerable” risk of “trust and the identity systems that are based on our entire economy,” said Emily Chiu, CEO from Fintech Novo in Miami, at Miami AssetsLast week in Riad, Saudi Arabia, in Riad, Saudi Arabia.
AI-operated fraud
Last year she quoted a case in Hong Kong in which a financial employee was cheated to transfer more than 25 million US dollars to fraudsters. The employee, although he was skeptical for the means after receiving an e -mail request, lured into A zoom Call in which no one else was real-and they looked like the CFO and other managers based in the UK.
A police officer who examines the case said local media While earlier frauds with “this time were involved in a video conference with several people in a video conference, it turns out that everyone they see is wrong.”
As refined as the AI technology is behind such fraudsters, it is relatively easy to access.
“The public accessibility of these services has reduced the entry barrier for cybercriminals – they no longer have to have any special technological skills,” David Fairman, Chief Security Officer at Cybersecurity Company Netskops, said CNBC.
Arup, a British engineering office, later confirmed that it had been the victim of the attack.
“Like many other companies all over the world, our operations are subject to regular attacks, including invoice fraud, phishing fraud, WhatsApp voice freels and deep paws”, ” said Arup Cio Rob Greig in an explanation. “This is an industry, business and a social problem, and I hope that our experience can help to raise awareness of the increasing sophistication and further developing techniques of poor actors.”
Persistent threat
The Deloitte Center for Financial Services recently introduced itself to the topic, Indication“Generative AI is expected to increase the threat of fraud significantly, which could cost banks and their customers up to 40 billion US dollars by 2027.”
Chiu said the incident in Hong Kong shows: “We will come into a world in which our ability to really trust and confirm what is real – the trust system on which the trade rely on which Fintech relies – will be a real challenge.”
Of course, this offers companies that can find effective solutions for this problem, “but it is not yet a dissolved situation,” said Chiu. “Well, it’s something that I look after … even if you are outside of fintech.”
This story was originally on Fortune.com