US EditionThe New Face of Fraud. How AI Is Changing the Game
AI-driven scams surged 704% in 2023, using deepfake videos, voice cloning, and synthetic identities to defraud businesses and consumers online, experts say.
- Scammers and cybercriminals are adopting generative AI technologies to create fake accounts and synthetic credentials that deceive businesses and individuals, while deepfake videos and voice-cloning enable realistic impersonations.
- Amid rapid AI advances, AI technologies continuously evolve, lowering barriers to create synthetic identities while criminals use recordings to train voice-cloning programs for impersonations.
- Forbes documented major losses tied to AI-enabled impersonations, including a $35 million 2021 loss and $243,000 CEO impersonation theft, causing reputational and operational impacts for affected businesses.
- Businesses should train employees and deploy multifactor authentication and verification protocols while consulting the FBI Internet Crime Complaint Center, National Consumers League’s Fraud Center, FTC, and National Cyber Security Alliance.
- The World Economic Forum recorded a sharp rise in these attacks in 2023, reporting a 704% increase while Americans face many scams daily including synthetic identities.
33 Articles
33 Articles
AI takes center stage in strengthening national anti-fraud efforts
MANILA, PHILIPPINES – Digital technology connects us to others and keeps us informed and entertained—but it also enables scammers to wreak havoc online. From phishing emails to fake websites and money mulling, online scams are rising, and with AI, they are becoming increasingly sophisticated. The scale of the issue is alarming. DICT, BSP, and the NBI regularly advise Filipinos to exercise caution against fraudulent schemes amid the rapid growth …
Bitdefender's new 2025 consumer cybersecurity survey provides insights into key behaviors, practices, and cybersecurity concerns. The results reveal blatant security vulnerabilities that make many users vulnerable to malware, fraud, scams, and data theft. The survey also highlights the double-edged role of artificial intelligence (AI): while enabling advanced consumer protection solutions, cybercriminals use [...] The article AI fraud becomes th…
Elder Fraud: AI Voices and Public Data Drive Billions in Losses, Highlighting Cybersecurity Gaps
Sophisticated fraud schemes, increasingly driven by AI-generated voices and readily available personal data, cost elderly Americans unprecedented financial losses. These attacks highlight critical vulnerabilities in human-centered cybersecurity defenses. Introduction to Malware Binary Triage (IMBT) Course Looking to level up your skills? Get 10% off using coupon code: MWNEWS10 for any flavor. Enroll Now and Save 10%: Coupon Code MWNEWS10 Note: …
Singer’s elder fraud trial set for Dec. 2 - Enterprise Media
The New Jersey woman accused of posing as a Milford resident to empty her bank accounts has invoked her right to a speedy trial for now. Fanny Singer has been in the Dickinson County Jail since Oct. 16, according to sheriff’s office online records. She faces five fraud, theft and conspiracy-related charges. Court-appointed defense attorney Pam Wingert of Spirit Lake […] Sorry! An active online subscription is required to access this content. Pl…
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