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AI scams expected to cause $30 billion in losses by 2027

GrafaGrafa2024/09/16 03:40
By:Mahathir Bayena

Artificial intelligence (AI) is increasingly being used by scammers to clone voices and steal from bank accounts, resulting in billions of dollars in potential losses. 

According to cybersecurity experts, these AI-driven scams have become more efficient, making it easier for criminals to carry out fraud. 

Thomas Hyslip, a cybersecurity expert with a background in federal law enforcement, explained that cloning a person’s voice now takes just seconds with AI, allowing scammers to impersonate loved ones or breach security systems that use voice recognition.

Hyslip noted, “Historically they had to manually go out and steal credit cards… Now with AI they can take what they already have and use that to enhance their ability to commit fraud.” 

These advancements have raised concerns among financial institutions that rely on voice recognition for security, as scammers can easily bypass such measures.

A recent forecast from Deloitte, an accounting firm, indicates that fraud enabled by generative AI could lead to $30 billion in losses by 2027, up from $12.3 billion in 2023. 

The rapid growth of AI technology has made synthetic audio content increasingly difficult to detect, which poses significant risks to individuals, families, businesses, and financial institutions.

The Federal Bureau of Investigation (FBI) has warned the public to exercise caution when sharing personal information online. 

Even seemingly trivial content, such as photos or videos posted on social media or dating apps, can be used by scammers to generate convincing synthetic voices. 

“AI-enabled synthetic audio content is becoming increasingly difficult to detect and easier to make, which will likely allow criminals to potentially conduct successful fraud schemes,” the FBI stated.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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