How to protect your business from GenAI-powered fraud?
The meteoric rise of Generative AI (GenAI) is impossible to ignore. And while this technology has enormous potential to enhance productivity across a wide range of use cases, many of these benefits are equally available to fraudsters.
There is certainly no doubt that GenAI has made it easier to commit fraud. From creating convincing fake identities to deepfake videos and advanced social engineering, the increasing sophistication of these scams means they are often impossible to identify without the right technology.
Even though it is difficult to assess the full impact of GenAI on fraud attacks, understanding the implications of how this tool is being used by fraudsters can help businesses mitigate the risks associated with GenAI.
In this guide, we explore how GenAI is being used by fraudsters and provide actionable insights that your business can use to stay ahead of this rapidly evolving threat.
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Understanding the impact of GenAI on fraud
One of the challenges in understanding how GenAI impacts fraud is the versatility of this technology. Fraudsters can use it in a multitude of different ways, such as image creation and code generation.
Our guide to GenAI fraud detection covers four key types of fraud that GenAI has supercharged, along with practical suggestions on how you can overcome these.
What are the biggest fraud threats from GenAI?
Each of the following fraud types has been impacted by GenAI:
Deepfakes
By creating incredibly life-like and realistic audio, images, and videos, deepfakes are making it increasingly difficult to authenticate identities.
Synthetic Identities
Synthetic identity fraud is one of the fastest-growing forms of financial crime. GenAI enables fraudsters to create realistic fake identities, making it challenging for businesses to detect them.
Bots-as-a-Service (BaaS)
GenAI has facilitated the rise of bot-as-a-service, allowing fraudsters to automate and scale their activities. These bots can be used to create fake accounts, for account takeover, phishing and much more.
Authorized Push Payment (APP) Fraud
APP fraud involves tricking individuals into making payments under false pretences. GenAI has enhanced the effectiveness of these scams in many ways, such as creating fake websites or impersonating celebrities.
Strategies to combat GenAI fraud
GenAI has equipped fraudsters with powerful new tools to exploit consumers and businesses. As GenAI amplifies the fraud threat, the best way to defend against these attacks is by being informed. Understanding the various ways that GenAI is being used can help you identify where your fraud defences need additional support in light of this growing menace.
Download our comprehensive report on GenAI fraud prevention now for more.