A new report by Signicat, the European digital identity and fraud prevention solutions provider, reveals that artificial intelligence (AI) is used in over a third of fraud attempts targeting financial institutions, with one in fifteen fraud attempts now using deepfakes. The study, titled “The Battle against AI-driven Identity Fraud,” found that 42.5% of detected fraud attempts use AI, with 29% of them being successful. One in nine respondents estimated that AI usage in fraud attempts is as high as 70% for their organization, and 38% of revenue loss to fraud is due to AI-driven attacks. Interestingly, account takeover, generally seen as a consumer issue, is actually the most common fraud type for B2B organizations. Despite the growing threat, around three-quarters of organizations cite a lack of expertise, time, and budget as hindrances to their ability to detect and combat the problem. The report calls for a robust strategy for AI-driven identity fraud and emphasizes the need for layered defenses, including the use of AI-enabled fraud prevention tools.
AI-Driven Fraud on the Rise, Financial Institutions Unprepared, Reveals Report
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