The U.S. Department of the Treasury released a report stating that artificial intelligence (AI) is contributing to an increase in financial fraud. The agency states that AI has allowed for fraudsters to mimic speech or video via AI, convincing a target to allow the fraudster access to financial accounts or information.
While larger financial firms typically have the resources to utilize AI as a defense, smaller firms do not as often possess the resources to do so. Furthermore, organizations that can deploy AI report that it can be challenging to do so, as the adoption of AI technology as a defense can require collaboration among multiple teams and enterprises, including technology, legal, compliance and more. Due to these challenges, many financial firms are slow to deploy AI technology as a defense.