AI Sends Global Crime Syndicates Into Fraud Nirvana
Black Hat USA 2026 – Las Vegas – In bad news for financial institutions, online retailers, cryptocurrency exchanges, and people in the dating pool who rely on identity verification to make sure they're not getting taken for a ride, global fraud gangs are aggressively industrializing their scam efforts.
That's according to Eric Huber, senior manager for adversary intelligence and disruption at TD Bank, who said that major centers for organized crime specializing in financial fraud (notably in Southeast Asia and West Africa) are bypassing "know your customer (KYC)" rules and other identity-verification methods with an updated AI tool set that offers the ability to build completely believable synthetic identities capable of fooling even advanced AI-enabled behavioral defenses.
His research into fraud cartels dovetails with recent numbers from Interpol, which in March saidthat, since 2024, the number of fraud-related campaigns it tracks has increased by 54%, fueled by AI. Over...
Copyright of this story solely belongs to darkreading.com. To see the full text click HERE
