The U.S. Treasury department reported that artificial intelligence (AI) is simplifying fraud for criminals targeting financial institutions, a concern shared by other regulatory agencies. AI tools are enhancing phishing by enabling scammers to craft convincing emails in proper form, grammar and spelling across different languages. Additionally, AI capabilities in generating voice and video have raised concerns over impersonation. The lack of established tools to combat these attacks has resulted in limited success in controlling fraud targeting financial institutions. Because the use of AI by malicious actors has led to increased fraud and impersonation, the Biden administration indicates it will use advanced technologies to help firms detect and prevent fraud, including smaller firms without the resources to fight against AI-assisted crimes. As a collaborative response, the American Bankers Association proposed an information sharing plan to help firms share details on fraud threats they have encountered.
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