As cybercriminals increasingly turn to artificial intelligence to execute complex fraud schemes, the financial sector finds itself in a high-stakes battle to protect its customers and assets according to a press release today. New data from the 2024 report Battle Against AI-Driven Identity Fraud by Signicat reveals that AI-driven fraud now constitutes 42.5% of all detected fraud attempts in the financial and payments sector, marking a critical turning point for cybersecurity in the financial industry. Furthermore, it is estimated that 29% of those attempts are considered successful.
This report sheds light on the rapidly escalating threat posed by AI-enhanced fraud tactics, which include the use of deepfakes, synthetic identities, and sophisticated phishing campaigns. These advanced techniques allow fraudsters to operate at an unprecedented scale and level of sophistication.
