Technology is reinventing fraud: Financial institutions must keep up

In the UK, fraud losses reached £1.3billion, showcasing how fraud operates at a growing scale. One of the factors driving this growth is the increasing use of technologies, such as AI, which are becoming dangerous and effective weapons in the hands of a new generation of criminals

As they continue to evolve, criminal networks are becoming faster and more sophisticated in their operations, and financial institutions face the challenge of adapting to a new era of cybersecurity and fraud prevention powered by the same force threatening the system and customers’ trust.

Fraud and Identity SME at Feedzai.

AI is reinventing cybercrime

Fraudsters are already using advanced technologies including generative AI to industrialize social engineering. As the marginal cost of a sophisticated attack approaches zero, criminal networks are undergoing a measurable structural shift in how they operate. Skills that previously lived inside a small number of highly specialized criminal groups are...

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