“We know technology is transforming cross-border fraud and money-laundering detection. cyber and identity fraud are increasing in scale, sophistication and impact, as artificial intelligence (AI) becomes more widespread.
“We are likely to see more sophisticated social engineering using AI deepfake technology to clone voices and faces of trusted individuals, making it increasingly difficult for individuals to distinguish between genuine and fraudulent interactions.
“While deepfake scams are still in their relative nascency, as an industry we cannot afford to be complacent to their potential threat,” she explained.
Bowe concluded by saying it was partnership that was needed to ensure the industries’ ingenuity “meets and bests” that of fraudsters.
alina.khan@ft.com
