AI-Powered Fraud Is Surging: How to Protect Your Payments and Accounts
Visa has released a report on the rapid growth of AI-powered fraud. According to the company, it is already the fastest-growing source of losses for consumers. The study identifies 5 key signs that can help you spot a fraudulent payment.
AI-processed from ZDNet AI; edited by Hamidun News
Visa conducted a study and found that AI-accelerated fraud has become the fastest-growing source of losses for consumers. Every day, millions of people run into scams in which neural networks generate emails, voices and websites that are indistinguishable from the real thing.
How does AI help scammers?
Scammers used to write emails in formulaic phrases full of errors, record pitiful voice messages and build primitive copies of websites. With the spread of large language models, everything has changed: modern AI can write an error-free email and create realistic copies of websites and voice messages.
How has AI made fraud worse?
Scammers used to send formulaic emails with errors and record primitive voice messages. With the spread of large language models, modern AI can write a convincing email, create a realistic voice message and copy a website so well that it is much harder to spot.
Why did Visa call AI fraud the top threat?
According to Visa's study, AI-accelerated payment scams have become the fastest-growing source of losses for consumers, outpacing other types of fraud.
How do scammers use neural networks?
Modern AI can write an error-free email, record a voice message and create a copy of a website that is indistinguishable from the original. Such scams used to be easy to spot; now it is almost impossible.
Key Questions Answered
How does AI help scammers?
Scammers used to write emails in formulaic phrases full of errors, record pitiful voice messages and build primitive copies of websites. With the spread of large language models, everything has changed: modern AI can write an error-free email and create realistic copies of websites and voice messages.
How has AI made fraud worse?
Scammers used to send formulaic emails with errors and record primitive voice messages. With the spread of large language models, modern AI can write a convincing email, create a realistic voice message and copy a website so well that it is much harder to spot.
Why did Visa call AI fraud the top threat?
According to Visa's study, AI-accelerated payment scams have become the fastest-growing source of losses for consumers, outpacing other types of fraud.
How do scammers use neural networks?
Modern AI can write an error-free email, record a voice message and create a copy of a website that is indistinguishable from the original. Such scams used to be easy to spot; now it is almost impossible.
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