Emerging technology is creating new fraud risks, but consumer distrust in AI protection grows

ComplyAdvantage has released its annual report, 'The State of Financial Crime 2024,' focusing on the rising trend of artificial intelligence being exploited for fraudulent activities. The report also reveals that, despite consumer apprehension about AI, many financial institutions are investing in technology to tackle this emerging threat. According to the report, 66 percent of financial industry respondents view the criminal use of AI as a growing cybersecurity threat, with risks ranging from deepfakes to advanced cyber hacks and AI-generated malware. In response, 86 percent of respondents reported that their companies are investing in new technologies. However, only 53 percent prioritized… [Continue Reading]