AI is fueling the biggest financial scams ever—cyber safety experts are fighting back

I scammed my bank. All it took was an AI voice generator and a phone call.

Giulio Bonasera for BII may be a tech reporter, but I am not tech savvy. Something breaks, I turn it off and back on, and then I give up. But even I was able to deepfake my own bank with relative ease.Generative AI has made it way easier to impersonate people's voices. For years, there have been deepfakes of politicians, celebrities, and the late pope made to sow disinformation on social media. Lately, hackers have been able to deepfake people l…

AI is fueling the biggest financial scams ever—cyber safety experts are fighting back

The recent Bybit hack has highlighted an alarming trend: cybercriminals are increasingly leveraging AI alongside advanced social engineering techniques.

Despite the increasing digitization of the means of payment and the ingenuity of cybercriminals, bank frauds registered a slight decrease in 2024. However, fraud remains a latent threat, making it essential to adopt preventive measures to avoid being a victim of these crimes. In recent years, bank fraud has been a constant challenge for users and financial institutions. As the use of digital means of payment increases, so do the strategies of cy…

While cyber-attacks and online scams are becoming easier to set up with artificial intelligence, prevention campaigns are multiplying. A few months ago, some scams on social networks also made headlines in the press, but a study shows that another channel [...]

What's behind "staggering" surge in cybercrime over the last year

What's behind "staggering" surge in cybercrime over the last year - CBS News Watch CBS News The FBI put out its annual warning that cybercriminals are targeting us -- especially older people. Victims last year reported losses of $16 billion dollars -- up 33% from the year before. Scott MacFarlane reports that more and more […] Thank you for subscribing to our RSS feed! The post What's behind "staggering" surge in cybercrime over the last year | …

As invoice scams grow more sophisticated, how can SMEs protect themselves?

In this piece, Holding Redlich Partner Jessica Tsiakis and Senior Associate Gemma Hannah discuss how small-business owners can protect themselves from the rising threat of invoice substitution scams. Small businesses are losing millions to invoice substitution scams, a type of fraud where criminals intercept invoices and change the banking details to their own. Unfortunately, invoice scams are becoming more prevalent. New technologies, such as A…