The Threat of AI-Powered Financial Fraud: Protecting Yourself Against Online Scams
Artificial intelligence (AI) is rapidly changing the world, and the financial industry is no exception. AI is being used to automate tasks, improve decision-making, and develop new products and services. However, AI is also being used by criminals to commit financial fraud. AI-powered financial fraud is a growing threat. In 2021, global losses from AI-powered financial fraud are estimated to have reached $5.5 billion. This is a significant increase from the $2.3 billion in losses reported in 2020. How AI is Used to Commit Financial Fraud AI is used to commit financial fraud in a variety of ways. One common method is to use AI to create fake identities. AI can be used to generate realistic-looking fake IDs, passports, and other documents. This allows criminals to open bank accounts, apply for loans, and make other fraudulent transactions. Another common method is to use AI to create phishing emails. Phishing emails are emails that are designed to trick recipients into clicking on malic