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Artificial intelligence is increasingly being exploited by cybercriminals to enhance the effectiveness of scams. In 2023, AI-generated fraud losses exceeded $12 billion, with projections suggesting this could rise to over $40 billion by 2027. As AI technologies become more sophisticated, both financial institutions and criminals are adapting their strategies accordingly.
Cybercriminals are leveraging AI to conduct phishing attacks that appear more legitimate, using advanced techniques to bypass traditional security measures. The rise of deepfake technology has made it easier for scammers to impersonate trusted individuals, leading to significant financial losses for companies. Staying vigilant and employing robust security measures is essential to combat these evolving threats.
• AI-generated fraud losses reached $12 billion in 2023.
• Deepfake scams occur every five minutes in 2024.
Deepfake technology creates realistic fake videos and audio, making scams more convincing.
This involves creating a false identity using stolen personal information to commit fraud.
Phishing attacks use deceptive messages to trick individuals into revealing sensitive information.
Aura provides identity theft protection services, helping users safeguard their personal data.
Arup is a design and engineering company that fell victim to a deepfake scam involving a CFO impersonation.
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